Japanese multinational automotive manufacturer, Toyota Motor Corporation, is working on its own version of digital token, the company announced on Monday, 26 October 2020.
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According to an official announcement, Toyota's IT arm, Toyota Systems, will develop a token and test it among 2,500 of its employees. If success, the Japanese giant might integrate the token in the business model of the corporation.
The tech arm will reportedly develop the token in a collaboration with a Japanese cryptocurrency exchange called DeCurret.
"Toyota Systems will verify the feasibility of digital currencies in supply chain and inter-enterprise transactions based on the results of this pilot. Payment and settlement mechanisms will be investigated," the press release states.
Despite collaboration with the crypto exchange, Toyota's token will not be exchanged for Japanese yen.
In October 2019, BMW, General Motors, Ford, Renault and Honda began testing a vehicle blockchain-based identification system that could allow drivers to pay for parking or travel without using cash or credit cards.
Five global automakers had jointly developed a vehicle identification system for use in the United States through the international Mobility Open Blockchain Initiative consortium.
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