Toyota puts first gear in its own Token Project

Okt 27 2020
Yosh

The automotive industry does not even stop at the crypto and block chain industry. For example, Toyota Systems, the IT arm of Toyota Motor Corporation, announced a cooperation with the Japanese crypto stock exchange DeCurret in a press release on 26 October. Together they intend to develop a digital currency of the Toyota brand.

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The Communication states that „all employees of Toyota Systems“ (more than 2500 employees) will participate in this large-scale experiment to create new innovations by technically testing block-chain payment transactions. Data recording and management will be based on Smart Contracts.

Initially, however, the project will be a pilot project. Specifically, the digital currency, which Toyota Systems grants to its employees as a discount, will be used exclusively in a demonstration experiment. The validity of the digital currency issued is limited to six months.

Toyota sets up wallets for employees
Initially, it is „only“ a kind of bonus programme in the form of credit points that are made available to employees. As soon as a transaction has been made, a record of the transaction is written into the Smart-Contract. The digital currency, i.e. the token corresponding to the transaction amount, is immediately sent from a dedicated wallet, which is available to all employees, to the product and point wallets.

The number of participants is deliberately chosen to be so high. In this way, questions about the scalability of the Peer-to-Peer (P2P) model in the block chain and also questions about the operability of the entire project are to be investigated. The results of this pilot project will be incorporated into other projects, according to which Toyota Systems intends to use digital currencies and block chains in its supply chain.

Toyota has been working intensively with block chain technology for some time. In March 2020, the automotive group even set up its own laboratory for this purpose. In 2016 Toyota also joined the R3 consortium. With more than 300 participating companies, the R3 Consortium is one of the most important pioneers for the integration of Distributed Leader Technologies (DLTs) in industry and business.

However, Toyota’s competitors are not sleeping. At the beginning of October, the Korea Herald reported on plans by BMW Korea. This branch will be the first of the BMW Group to carry out a block-chain-based token test. The Renault Group already uses the block chain to monitor its supply chain and thus avoid bottlenecks.