Toyota Systems Exploring Digital Currency and Blockchain

Toyota Systems, a wholly-owned subsidiary of Toyota Motors, is experimenting with a digital currency solution provided by Japanese crypto exchange Decurret. Decurret is one of the biggest names in Japanese crypto, reportedly hosting a digital currency study group with Japan’s central bank in June 2020. 

The company, which focuses on IT, is primarily interested in experimenting with automated payments, using the white-labeled digital currency for 2,500 members of staff. The payments made are for welfare benefits, and employees have the option of exchanging these payments for welfare points or gifts. However, the digital currency is not currently able to be exchanged for Yen. 

Going forward, Toyota Systems reportedly intends to branch out the use cases for digital currency to business transactions and supply chain management. 

Supply chains and blockchain

More generally, supply chains are becoming increasingly linked with blockchain technology across multiple industries. Early last month, it was reported that the US Air Force is buying crypto-related data from Chainalysis, a well known blockchain analytics company.

In addition to digital currency, this is not the first time Toyota Motors has experimented with blockchain technology. The Toyota Blockchain Lab is the company’s flagship virtual organization, tasked with contributing to Toyota Motors’ transition into a ‘mobility company’.

“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,” the company said in a prepared statement in May 2020.