Toyota: IT branch works with crypto exchange on pilot project with digital tokens

More and more companies from the automotive industry are experimenting with crypto.

Toyota system, the IT branch of Toyota Motor Corporation, is working with the Japanese stock market cryptocurrency DeCurret together on a digital Toyota currency, an official release on 26 October.

2,500 Toyota Systems employees are involved in the large-scale pilot project. The platform will offer payments in digital currency for services

According to the announcement, participating employees will be able to exchange the digital currency for benefit points or gifts from a catalog. Toyota Systems stated that the digital currency cannot be converted into Japanese yen.

The new pilot uses DeCurret’s proprietary, blockchain platform for issuing and managing digital currencies. The pilot project will test the scalability of a peer-to-peer model on the Bitcoin Lifestyle as well as business scenarios related to payments to a large group of people.

Toyota has actively engaged in the blockchain industry and set up its own Toyota Blockchain Lab in March 2020

The company joined the R3 Consortium , a large industry alliance , in 2016 .

Toyota isn’t the only automaker experimenting with blockchain and crypto. At the beginning of October, BMW Korea announced that it would be the first branch of the BMW Group to carry out a blockchain token test. This is expected to complete by the end of 2020 the country introduced are. In September 2020, the luxury car manufacturer Groupe Renault launched a blockchain project aimed at promoting the conformity certification of vehicle parts .