Toyota Systems, the IT arm of Toyota Motor Corporation, is partnering with Japanese cryptocurrency exchange DeCurret to develop a branded digital currency for Toyota. This emerged from an official announcement on October 26th.
2,500 Toyota Systems employees will be involved in the large-scale pilot project. The platform offers payments in digital currency for services.
According to the announcement, participating employees can exchange the digital currency for bonus points or gifts from a catalog. Toyota Systems determined that the digital currency cannot be converted into Japanese yen.
The new pilot uses DeCurret’s proprietary blockchain-based platform for issuing and managing digital currencies. The pilot will test the scalability of a peer-to-peer model on the blockchain, as well as business issues related to payments to a large group of people.
Toyota has been actively researching the blockchain industry and set up its own Toyota Blockchain Lab in March 2020. The automotive industry joined the R3 consortium in 2016, an important industry alliance.
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 BMW Group subsidiary to conduct a blockchain-based token test, which is expected to be fully rolled out in the country by the end of 2020. In September 2020, luxury car maker Groupe Renault piloted its blockchain project to facilitate the conformity certification of vehicle parts.