Cryptocurrencies

Toyota explores digital currencies and blockchain – Cryptocurrencies

Close up of Toyota Badge

How many cryptos will emerge during the next decade? The Central Bank of Japan does not believe in a single digital currency that dominates the world.

But if each company develops its own crypto, there is a risk that there will be plenty of them in the years to come.

Toyota is developing its crypto: the Japanese manufacturer continues its progress on the blockchain path.

Its 2,500 employees will be able to use its digital currency, initially to obtain “good points” and gifts.

Toyota rolls for the development of its crypto

Toyota Systems experiments with a digital currency with the Japanese crypto-exchange Decurret, which was also requested by the Bank of Japan in his plan to create a state crypto.

The digital currency developed by Toyota will be used by approximately 2,500 company staff.

They can use it to get certain benefits or gifts. The crypto of Toyota cannot be exchanged for the yen at this time.

Toyota Systems plans to use his crypto for the company’s transactions and for managing its supply chain in the future.

“Today, tomorrow”: a Toyota on the blockchain

Toyota Motors is not his first attempt with blockchain. The Toyota Blockchain Lab is responsible for contributing to the transformation of Toyota into a “mobile society”.

Toyota said in a press release from May 2020, that the blockchain allows data to be shared between different parties in a secure manner, while ensuring their reliability.

The Japanese auto giant is not the only company developing blockchain applications for its activities.

Mercedes had developed a blockchain platform to improve transparency and increase the manufacturer’s ecological responsibility in the management of its supply chain.

In another sector, Nike uses blockchain to fight counterfeiting. Blockchain is often used in the field of traceability – product traceability in the food industry, pharmaceutical industry, etc..

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Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.

Blockchain as the main driver of innovation in companies: companies are faster than governments in integrating cryptos and blockchain into their practices. Will centralized databases really end up becoming obsolete and disappearing? Blockchain is a must for a visionary and innovative company like Toyota. Japanese zen and ingenuity: can we be sure Satoshi Nakamoto is not from Japan? It’s not the Australian Craig Wright, nor the Briton John McAfee who is currently languishing in prison.

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