The IT subsidiary of Toyota Motor Corporation, Toyota Systems, is embarking on a digital currency trial scheduled to last for six months. According to the announcement by Toyota Systems, the trial will be run in collaboration with a Japan-based cryptocurrency exchange dubbed ‘DeCurret.’ The latter is set to provide underlying blockchain crypto infrastructure to facilitate the prospectus Toyota Systems digital currency pilot.
All Toyota Systems employees will be part of this digital currency test as per the press release in collaboration with DeCurret. This means that a total of 2,500 participants will be onboarded to try out the Toyota Systems digital currency initiative. They will perform blockchain-based functions such as task automation, data recording and management, and payment transactions based on the digital currency; this will be done through smart contract infrastructure.
Most notably, Toyota Systems employees will be able to derive utility from the prospectus token because their welfare benefits will be issued in the digital token form. They will be able to exchange this token for gifts or benefits listed that are featured in a particular catalog. However, Toyota Systems was keen to mention that the digital token will not be exchangeable for the Japanese Yen.
With this development in place, the car manufacturing giant said that it would be looking at the possibility of integrating a digital token within its P2P ecosystems for large scale use. This is not the first time Toyota has invested in blockchain technology; they launched a blockchain lab back in March as part of an increased effort in researching the underlying potential. Toyota is also a long-term member of the R3 consortium, having joined the bandwagon as early as 2016.
Other car manufacturers are also bootstrapping when it comes to blockchain and crypto innovations. Some notable milestones include the anticipated token launch trial by BMW Korea, scheduled for later this year. French carmaker Renault recently launched a blockchain project as part of boosting its vehicle parts compliance certification.