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Toyota’s pionneering use of the Blockchain

Photo of: Joseph Stone
by Joseph Stone

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

But if each company developed its own crypto, we might have a whole bunch of them in the years to come. Toyota is developing its own crypto: the Japanese manufacturer continues its progress on the road to the blockchain. Its 2,500 employees will be able to use its digital currency, initially to obtain bonuses and gifts.

Toyota is rolling out the development of its crypto

Toyota Systems is experimenting with a digital currency with the Japanese cryptocurrency exchange Decurret, which was also requested by the Bank of Japan in its project to create a state-owned crypto.

The digital currency developed by Toyota will be used by about 2,500 company employees. They will be able to use it to obtain certain benefits or gifts. The Toyota crypto cannot be exchanged for yen at the moment.

Toyota Systems plans to use its crypto for company transactions and supply chain management in the future.

Toyota Motors is not at its first attempt with the blockchain. The Toyota Blockchain Lab is responsible for helping to transform Toyota into a “mobile society”.

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

The Japanese automotive giant is not the only company to develop 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 is using the blockchain to combat counterfeiting. The blockchain is often used in the field of traceability – traceability of products in the food industry, pharmaceutical industry, etc..

The blockchain is the main vector of innovation in these companies: companies are running faster than governments in integrating cryptos and the blockchain into their practices. Will centralized databases really end up becoming obsolete and disappear? The blockchain is a must for a visionary and innovative company like Toyota.