Over the past few weeks, we have seen several big companies adopting the digital currency. This week we have seen another giant joining the bandwagon. This time it’s Toyota, one of the largest automobile manufacturers in the world based in Toyota City, Aichi Japan. Toyota Systems, the IT Arm of Toyota Motor Corporation, is going to launch its own digital currency according to its official statement last October 26.
The digital currency will be launched in collaboration with Decurret, a Japanese crypto exchange. The pilot will test the scalability of peer to peer models on the blockchain. Also, it will test business payment related issues on a large group of people.
The project will involve 2,500 employees of Toyota Systems. This is to develop a platform for digital currency payments for the benefits of its employees. Participating employees can trade the digital currency for benefits points or gifts listed in a catalog. But it cannot be exchanged with Japanese Yen.
Toyota has been exploring blockchain and crypto for a while now. In April 2019, Toyota Motor Corporation (Toyota) and Toyota Financial Financial Services Corporation launched the cross-group virtual organization Blockchain Lab. From then on the virtual organization has taken initiatives for using blockchain technology including verification processes, global supply chain, financial systems, and more.
Other carmakers have also ventured into the blockchain. According to a report by NikkeiAsia last year, Honda Motors has partnered with Renault, BMW, General Motors, and Ford Motor. They developed a vehicle ID system under the Mobility Open Blockchain Initiative, an international consortium supporting such projects. The system will allow drivers to automatically pay parking fees or highway tolls without using cash or cards.
Blockchain has taken the whole world by storm. In the past few days, we have seen giant companies adopting blockchain and digital currency. Last week, Paypal had announced that its customers can now access digital currency on their platform. Are we going to see more giants joining the adoption? After Toyota launching its own digital currency, who will be next? This is getting more exciting right? Regulations are also being implemented to regulate the industry to make it safer for everyone. Surely, we will be seeing the number of supporters grow tremendously in the coming days.