Toyota’s IT division is working on a digital token pilot with a cryptoexchange

Another automotive company is leaning towards crypto coins.

Toyota Systems, the IT division of Toyota Motor Corporation, is collaborating with Japanese cryptoexchange company DeCurret to develop a Toyota branded digital coin, according to an official announcement on 26 October.

The large-scale pilot will involve 2,500 Toyota Systems employees. The platform will feature digital currency payments for benefits.

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According to the announcement, participating employees will be able to exchange the digital currency for benefit points or gifts from a catalogue. Toyota Systems pointed out that digital currency cannot be exchanged for Japanese yen.

The new pilot uses DeCurret’s proprietary blockchain-based platform for issuing and managing digital coins. The pilot will test the scalability of a peer-to-peer model in the blockchain, as well as commercial issues related to payments to a large group of people.

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Toyota has been actively exploring the blockchain industry, establishing its own Toyota Blockchain Lab in March 2020. The automaker joined the R3 consortium, a major industrial alliance, in 2016.

Toyota is not the only car manufacturer experimenting with blockchain and crypto space. In early October, BMW Korea announced that it will be the first branch of the BMW Group to conduct a tokenized test based on the block chain that is expected to be fully launched in the country by the end of 2020. In September 2020, luxury car manufacturer Groupe Renault tested its blockchain project aimed at facilitating the certification of vehicle parts conformity.