Toyota Motors Explores Digital Currency And Blockchain: Report

Toyota Motors starts exploring digital currency and blockchain technologies as 2500 staff members are using them which can be exchanged for welfare points or gifts. In today’s latest blockchain news, we are reading more about it.

The Toyota Motors IT subsidiary experiments with a white-labeled digital currency solution from the Decurret Japanese crypto exchange. The It subsidiary is experimenting with the new solution as 2500 staff members are using the digital currency that can be exchanged for welfare points or gifts. Toyota systems, a wholly-owned subsidiary of Toyota Motors is experimenting with a digital currency solution that is provided by Japanese crypto exchange Deccuret which is one of the biggest names in the Japanese crypto space which is hosting a digital currency study group with the central bank of Japan.

The company that is mostly focused on IT, is mainly interested in experimenting with automated payments by using white-labeled digital currency for more than 2500 members of staff. The payments made are for welfare benefits so the employees have the option to exchange these payments for welfare points or for gifts. The digital currency is not able to be exchanged for the Japanese Yen. Toyota Systems intend on branching out the use cases for digital currency to business transactions and supply chain management. Supply chains are getting even more linked with blockchain technology across multiple industries as it was reported that the US Air Force is buying crypto-related data from Chaianlysis.
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In addition to the digital currency, it’s not the first time that Toyota Motors experimented with blockchain. The blockchain lab is the company’s main virtual organization that is tasked with contributing to Toyota Motors’ transition into a mobility company, as the company said:

 “With features such as highly tamper-resistant and fault-resistant, blockchain technology can realize secure data sharing between various parties by improving the reliability of information.”

As the news report by the Japanese news agency The Nikkei, seven Japanese companies are preparing to invest in a new trade data management system and it will be developed by NTT data by using blockchain technology to prevent malicious third-parties from tampering with the recorded data. The platform is designed to manage the receipts for exporting and importing companies that will also manage letters of credit that are issued by banks.
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