Toyota to launch pilot testing of digital currency

Toyota’s information technology division will develop and test a digital currency as part of a joint project with the Japanese cryptocurrency exchange DeCurret. The Block reports.

About 2,500 employees of Toyota Systems will participate in the project. The partners will build a platform to pay bonuses to staff in digital currency, which can then be exchanged for a range of goods.

In March 2020, the Japanese conglomerate opened the Toyota Blockchain Lab division to study potential uses of distributed ledger technology (DLT). Several years earlier, Toyota Financial Services had become a member of the blockchain consortium R3, and the company’s research institute began exploring the applications of DLT in fare-free transport.

BMW and VeChain are developing a blockchain platform to protect products from counterfeiting.

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