Toyota’s IT subsidiary Toyota Systems has said it will begin a “digital currency” pilot with the Japanese crypto exchange DeCurret – embarking on a half-year-long company token experiment.
Toyota Systems develops tech support and system development solutions for the larger Toyota Motor Corporation automaker and the rest of the Toyota business group. And per a DeCurret press release, the new deal will see the crypto exchange and Toyota Systems conduct a pilot that “utilizes blockchain technology and digital currencies.”
The exchange said the pilot would be a “large-scale experiment involving all Toyota Systems employees,” who will be involved in making “blockchain-based payment transactions, recording and managing data, and automating tasks” using smart contracts innovations.
The firm added that the Toyota Systems token would initially expire six months after the pilot began, and would make use of its “blockchain-powered platform for issuing and managing digital currencies.”
Toyota Systems has 2,500 employees, all of whom will be eligible to receive “welfare payouts” – a type of employee benefits – in the new token. They will also be able to purchase items usually purchasable with company points using the DeCurret-developed coin.
Toyota said that it hopes the experiment will allow it to evaluate scalability issues for P2P solutions.
The IT firm added that it is optimistic about the use of digital currencies in the auto supply chain industry and was keen to see how tokens and blockchain technology would help improve business-to-business transactions.
DeCurret has also been working on a high-profile pilot with energy provider Kansai Electric Power, as well as a sake and travel-themed tokenized incentive with a famous tourism hotspot. Learn more: Toyota and Securitize Say They Have Developed a Blockchain ID Platform BMW Rolls Out Blockchain-powered Token Rewards Platform in South Korea IOTA Works With Jaguar and Others on IOTA Access for Shared Devices