World News – United States – Toyota’s IT subsidiary to experiment with its own private digital currency – AMBCrypto

Toyota Systems, a 100% IT subsidiary of Toyota Motor Corporation, today announced that it is experimenting with a digital currency solution in a new pilot project with DeCurret, a crypto exchange – Japanese currency

This new project is to automate payments with its private digital currency for its 2,500 employees at Toyota Systems Payments made in this digital currency are linked to well-being, such as benefit payments Employees can also choose to  » redeem benefits paid in digital currency for other wellness points or gifts listed in a catalog, the company said in a statement However, the firm pointed out that this digital currency cannot be exchanged for yen

With this decision, Toyota Systems’ primary focus was to test the scalability and challenges of corporate payments, but their long-term goal was to evolve digital currency beyond the use of only trials of social benefits The long-term vision, the statement said, involved how private digital currency could possibly find its use in the company’s supply chain and for business-to-business transactions.

Toyota Systems parent company Toyota also has the Toyota Blockchain Lab among its activities, which has so far conducted trials with blockchain technology that includes identity, advertising, bond issuance and p2p blockchain energy trading using electric car batteries

Meanwhile, the aforementioned Decurret exchange involved in this project previously launched a digital currency trial for insurance company Daido Life and Kansai Electric Power and also hosted digital currency study groups at Japan – with a session that included the Central Bank of Japan, the Ministry of Finance and Accenture

Alisha is a full-time journalist at AMBCrypto Her interests lie in blockchain technology, crypto-crimes, and market developments in Africa and the United States

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