Toyota’s IT Teamed Up with Crypto Exchange to Carry Out Digital Token Pilot

By Warren Hayes | October 28, 2020

Toyota Systems – the IT-focused branch of Toyota Motor Corporation – is reportedly teaming up with crypto exchange firm from Japan DeCurret, to build a branded Toyota digital currency

Specifically, the big-scale pilot project will require 2,500 personnel in human resources at Toyota Systems. The platform will reportedly come with benefits-focused digital currency payments.

Employees joining the program will reportedly have the ability to exchange the digital currency to acquire benefits points or gifts from a catalog, with the Japanese Yen being an exchanging exception for the digital currency.

The new pilot reportedly employed  DeCurret’s proprietary blockchain-powered platform, to take care of the issuance and management of digital currencies. 

The pilot will reportedly carry out testing for the scalability feature of a blockchain-based P2P model, together with business problems associated with payments to a large group of individuals.

Toyota has reportedly been putting in extensive efforts to deep-dive into the blockchain sector, setting up its self-developed Toyota Blockchain Lab in March this year. The automotive reportedly also became a member of the R3 consortium – a major sector alliance, 4 years ago. 

Different car manufacturing firms have also tested out with blockchain and crypto aside Toyota. In October this year, BMW Korea disclosed details of testing for the first BMW division to operate a blockchain-powered  token trial, tentatively scheduled to be released across the nation towards 2020’s end.

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