Toyota goes crypto!

• Toyota announced today it is developing a digital currency with the help of its IT department and DeCurret, a Japanese cryptocurrency exchange.
• The test round is about tracking how effectively the peer to peer aspect and large group payments work.
• The development is taking up to 2,500 employees and comes with perks for them too.

Toyota goes Crypto!

Toyota announced today it is developing a digital currency with its IT department and DeCurret, a Japanese cryptocurrency exchange.

Currently, the model uses Decurret’s blockchain system for launching and organising cryptocurrency. The test round will assess how effective the peer to peer aspect as well as, large group payments are on the blockchain.

The developments require 2,500 employees. The employees who assist the project can exchange the digital currency for benefits points or gifts from the catalogue.

Where it all began

Crypto is nothing new to the organisation as they developed their Toyota blockchain lab on the 16th of March 2020. Toyota’s lab.which was in partnership with Toyota Financial services co-operation, was launched with the hope of being a trendsetter for innovating with technology.

The company aimed to make the system effective by decentralising the verification process, and using multiple computers to store information so, hacks will be less likely.

Using blockchain means the vehicle is trackable, and information about the system, maintenance, transactions and servicing made available to the customer. Blockchain would enable live evaluation of the car.

The motor company would like to utilise the blockchain network to track its vehicles and parts so that consumers can verify their products. The company also intends on using the data for leases and contract hire agreements.

Toyota’s blockchain innovation followed after it joined the R3 alliance in 2016, which has a motto that says ‘launch digital transformation with enterprise blockchain.’

Companies following suit

Other major car companies have followed after Toyota’s footsteps. BMW Korea announced a crypto trial would occur by the end of the year and Renault launched its blockchain project in September 2020.