Crypto Tech

Japanese Automotive Titan Joins The Crypto World!

Starting on a half-year-long company token experiment, Toyota’s IT subsidiary Toyota Systems has said it will begin a “digital currency” pilot with the Japanese crypto exchange DeCurret.

Toyota Systems reveals tech support and system development solutions for the larger Toyota Motor Corporation and the rest of the Toyota business group. As reported by DeCurret during a press release, the new deal will see the crypto exchange and Toyota Systems conduct a pilot that “utilizes blockchain technology and digital currencies.”

The exchange announced the pilot would be a “large-scale experiment involving all Toyota Systems employees,” who will be involved in making “blockchain-based payment transactions, recording, and managing data, and automating tasks” using smart contracts innovations.

The organization added that the Toyota Systems token would originally expire six months after the pilot began, and would make use of its “blockchain-powered platform for issuing and managing digital currencies.”

Toyota Systems has 2,500 employees, all of whom will be eligible to receive “welfare payouts” – a type of employee benefits – in the new token. They will also be able to purchase items usually purchasable with company points using the DeCurret-developed coin.

Toyota said that it hopes the experiment will allow it to evaluate scalability issues for P2P solutions.

The IT firm added that it is optimistic about the use of digital currencies in the auto supply chain industry and was keen to see how tokens and blockchain technology would help improve business-to-business transactions.

DeCurret has also been operating on a high-profile pilot with energy provider Kansai Electric Power, as well as a sake and travel-themed tokenized incentive with a famous tourism hotspot.

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