Toyota’s Tech Arm to launch a large-scale digital currency pilot on (DeCurret) a Japanese crypto exchange

DeCurret

October 27, 2020

Reading Time: 2 minutes

One of the biggest vehicle producers on the planet, the Toyota Motor Corporation, has been trying different things with blockchain and cryptocurrency, the firm confirmed in an official statement earlier.

Toyota Systems and its IT subsidiary have said it will dispatch a digital cash pilot with the DeCurret Japanese crypto exchange, setting out a half-year-long company token investigation.

For the more extensive Toyota Motor Corporation automaker and the remainder of the Toyota business network, Toyota Systems makes technical support and solutions to framework creation. Furthermore, the most recent agreement would see the crypto exchange and Toyota Systems play out a pilot that utilizes blockchain technology and cryptocurrencies, as indicated by a DeCurret official statement.

The exchange confirmed that the pilot would be done on a “large-scale involving all Toyota Systems employees,” who like to be part of the “blockchain-based data recording and management, payment transactions, and automation activities” using advanced smart contracts.

The firm included that a half year after the pilot started, the Toyota Systems token would at first terminate and utilize its “blockchain-controlled advanced currency-issuing and the management platform.”

Toyota Systems has 2,500 workers, all of whom are eligible for the new token to receive “welfare payouts“-a form of employee benefits. They will likewise have the option to purchase things that can regularly be bought with the company focusing on utilizing the coin made by DeCurret.

Toyota said it hopes that the experiment will allow it to assess scalability problems for P2P solutions.

The IT company included a positive car flexibly chain industry concerning the utilization of advanced monetary forms. It was quick to perceive how tokens and blockchain technologies can help support business-to-business exchanges.

DeCurret has also joined forces with energy provider Kansai Electric Power on a prominent pilot, just as a purpose and travel-themed tokenized incentive with an eminent tourism hotspot.

The vehicle producer saw the capability of blockchain innovation at an early stage, and in 2016 joined the R3 blockchain consortium, significant industry collusion. The firm has since been investigating the blockchain space. In April 2019, it set up its own Toyota Blockchain Lab, which focused on the capability of blockchain innovation and quickening business usage.

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