In a partnership with a Japanese cryptocurrency exchange, DeCurret, Toyota Systems plans to build a “platform for issuing and managing digital currencies on the blockchain” exploiting Distributed Ledger Technology’s inherent features such as dynamic pricing and real-time payment as per a statement on Oct 26.
A Blockchain Pilot
The pilot program involves over 2,500 employees of Toyota Systems–the IT wing of the global multi-billion automobile company with roots in Japan.
The coin—valid for only six months, will not be redeemable for fiat. Instead, it can be exchanged for points or gifts from a published catalog.
Part of the statement read:
“It can be used in exchange for catalog gifts and welfare points designed for. When exchanged, it will be executed. The record was written to the smart contract, and the digital currency according to the transaction amount was applied to all employees. We have verified the mechanism for instantly sending products and points from the dedicated wallet to the wallet of products and points.”
Deal with DeCurret to Test Blockchain’s Benefits
Toyota Systems said it shall, over time, continue to leverage digital currencies and blockchain to make payment more effective subject to the result of the pilot program.
In the future, DeCurret will commercialize the platform. Presently, Toyota Systems is keen on exploring the convenience of digital currencies, especially as value transfer agents.
Early this year, Toyota said it was working on a technology to allow secure information flow between cars and road users.
A Foundation for the Future
According to the Toyota Research Institute (TRI) director of mobility services, Chris Ballinger, blockchain brings trust and transparency while reducing fraud chances and lowering costs. All these are attributes needed for developing safe and reliable autonomous vehicles.
“Hundreds of billions of miles of human driving data may be needed to develop safe and reliable autonomous vehicles. Blockchains and distributed ledgers may enable pooling data from vehicle owners, fleet managers, and manufacturers to shorten the time for reaching this goal, thereby bringing forward the safety, efficiency, and convenience benefits of autonomous driving technology.”
Earlier, As reported about the formation of the Toyota Blockchain Lab.