According to an official announcement on October 26, Toyota Systems, the information technology arm of Toyota Motor Corporation, is collaborating with the Japanese cryptocurrency exchange DeCurret to develop its own Toyota cryptocurrency.

The large pilot project will involve 2,500 employees in Toyota Systems. The platform will display payments in digital currency in exchange for interest.

According to the announcement, participating employees will be able to exchange digital currency for bonus points or catalog gifts. Toyota Systems noted that digital currencies cannot be exchanged for the Japanese yen.

The new beta uses the blockchain-based DeCurret platform to issue and manage digital currencies. The pilot project will test the scalability of the peer-to-peer model on the blockchain, as well as the business problems associated with payments for a large group of people.

Toyota has actively studied the blockchain industry and established the Toyota Blockchain Lab in March 2020. In 2016, the car joined the R3 Consortium, a major alliance in the industry.

Toyota is not the only carmaker experimenting with blockchain and cryptocurrency. Earlier in October, BMW Korea announced that it would be the first division of the BMW Group to test blockchain-based tokens, which are expected to be fully launched in the country by the end of 2020. In September 2020, the luxury car manufacturer Groupe Renault. piloted it. Blockchain project to make it easier to obtain a certificate of conformity for car parts.

Source: CoinTelegraph