Toyota IT Division to Launch Own Digital Currency

[Reatim]

After Paypal announced in joining cryptocurrency, Toyota a giant company and one of the largest automobile manufacturers in the world based in Toyota City, Aichi Japan released their official statement last October 26, 2020, that they will be launching its own digital currency. https://crypto.co/news/toyota-it-division-to-launch-own-digital-currency/

What are your thoughts on this huge move from the giant companies? And what will be next?

One this is sure in here that it will bring impact to the community here specially that Toyota is the most recognized Brand of car in the world.

Investors will take this seriously and consider putting their money at all time.

and i think i will also consider investing here,for long time now that i did not add any coins aside from my 4 currencies now is the time to have trust another one.

[StyleForceOne]

After Paypal announced in joining cryptocurrency, Toyota a giant company and one of the largest automobile manufacturers in the world based in Toyota City, Aichi Japan released their official statement last October 26, 2020, that they will be launching its own digital currency. https://crypto.co/news/toyota-it-division-to-launch-own-digital-currency/
What are your thoughts on this huge move from the giant companies? And what will be next?

I've heard a lot of companies do start own blockchain for technical purposes, but toyota took this opportunity seriously and I think they're right about it.
Soon enough more companies will realise that digital currencies can be used as second form of stocks, which is always useful

[Squezzi55]

I would like to know the purpose of this toyota coin, to buy cars or something? This is another use case that isn't actually needed, why can't they just accept Bitcoin for payment? That will make lot of sense that building their own coin, this is not realization of blockchain technology, this is just a company trying to get into something that's not a real fit for the company.

[_IRMAN]

What are your thoughts on this huge move from the giant companies? And what will be next?

Previously there was also a large automotive company that made their own digital currency, namely Hyundai with its HDAC and it didn't have a big effect on mass adoption, and now that Toyota is following in its footsteps I don't think it will make much of a difference.

[Mandarava]

Any large company wants to be in the trend of the latest world events. And since everything in the world is gradually moving towards the fact that calculations will be made in cryptocurrencies, it is natural that each large company will have its own currency for these purposes.

[bussybuddy]

I know that Toyota is a leading corporation in the world in the automotive field. When I learned that they intend to enter the market, I was quite surprised. But all here people need to understand this participation is that toyota wants to build an ecosystem on the blockchain and release tokens to use in that platform. I think this is what will impact the current market. It's great that large corporations are gradually becoming more interested in cryptocurrencies.

[Ucy]

Quoted this from your link

The project will involve 2,500 employees of Toyota Systems. This is to develop a platform for digital currency payments for the benefits of its employees. Participating employees can trade the digital currency for benefits points or gifts listed in a catalog. But it cannot be exchanged with Japanese Yen.

the token that will be issued by toyota will act as a gift for its own employees and in this case, I think that coin can be exchanged with the goods like a voucher or something else. I think it will act as a reward for the performance of its employees. That means this chain will be a private blockchain but it's also being used to create a to be connected with the partners too.

I guess the 2,500 employees are used for testing the currency/platform. An article says it's in pilot/test stage.
Well, I don't see why companies should not make their currencies/tokens decentralized, transparent, immutable etc. These features would help increase the integrity of their platforms.

[X-ray]

Did the official source from Toyota say about this? Many opinions have been developed about crypto, but no official sources tell the truth. Toyota has a website, but I checked it, there was no news about digital currency.

the official source did it and you can now try to check it here https://www.toyotasystems.com/news/upload/2020/10/23d3a4d59616c11d578285606d04b83eb8b30588.pdf

That's an official announcement about that. It seems like the IT team of toyota has started to developed the digital currency. More digital currency will come very soon. I believe another company will be doing it too.

[iTradeChips]

I am really surprised to see that a company as big as Toyota is interested in making its own digital currency for the benefit of its employees. If blockchain will be used then it is not different from creating a new coin and this coin will be used internally within the company only. With this experiment, we will not see the effect and other things people will experience in using the said digital currency and that will catapult many more companies in making their own coins and spread it within their own community.

[judeafante]

So far they are the first one that will create one for a private company, and if this become successful, many big and small companies will follow, and this is a good introduction to people who do not know anything about Cryptocurrency but working on companies that has his this kind of incentives for their workers. This could be a start of something big.

[tsaroz]

Just to be clear, this is Toyota's own digital currency, meaning it's going to for their used only and not for everyone, or to make it more clearer, for Toyota City, Aichi Japan. So there will be no effect on crypto market. But it's good to hear that big companies are moving to blockchain technology and that is the positive impact of it. And I think this is just a pilot test and could be deploy to Toyota worldwide so the only one that will get the full benefit is the company itself.

This signifies that the experts and technicians involved there believes blockchain based crypto are the best form of currency (value vouchers). They are easy and quick and there are no problems like faking currency or any costs involved in printing and reprinting bills. The supply and flow of the currency could also be easily monitored by the central authority and if they have specific address assigned to people, they'd know whom the money is going from whom. That's both fascinating and scary.

[imstillthebest]

i know toyota but what does i.t mean on toyota i.t division . that means thier web platform ? where they accept orders and other nquiries online within thier website ? thats still lit because toyota was a big company in the car field . they are realy inspired on what paypal did and now they follow its footsteps . the coin are going to be useful if you are a fan of toyota and you own a car or will be planning to get a car to them because you can enjoy perks  but non toyota enthusiats can still buy a coin only for investment purpose alone .

[gunungkembar]

This can be one of the best developments for Toyota because they are a car sales platform that has many branches around the world so that when they create their own coins it will provide the best solution for the process of transferring funds to 1 shelter and can provide solutions for buyers who want use coins when buying cars from other countries.

[1l1l11ll1l]

This is such good news. The Japanese always know how to surprise the world. Even if the currency of Toyota's IT division doesn't much affect the whole cryptocurrency market, it makes more sense that JP Morgan's digital currency. It will trigger a currency race between big companies and hence, enhance blockchain adoption.

I think if it's Toyota, there will be more company will follow them. atleast one of the zaibatsu in Japan, and yes it will make japanese compete more on blockchain technology

[FanEagle]

This is more of a great news for the blockchain world and not for crypto world, which normally sounds like they are the same thing but they are not the same thing at all. Nowadays there are many blockchain companies and they do allow people to actually make a development or a software and they sell that to others for use, there is no token or coin needed or even if there is it is just for show and not for monastery reasons, it is more like a server that is online for them, an improved version of cloud computing, and not something to trade.

So, this is more like that and I believe before Toyota, there should be a lot of banks and other financial companies that needs to check blockchain tech, it would help them decrease costs a lot and would allow them to be faster and more organized.

[ololajulo]

When I see well known institution proposing a new Coin, I want to be careful with it. Hyundai came with a coin (HDAC) we later detected it was from the son of the company owner, the coin has so far not attain the ICO price in the market with terrible tokenomics. They understand what their  Identity can fetch them to make huge fund from the crowdsale. It is very important to understand the use case and possible of being successful, they are likely to attract a large community but for how long, why cant they start with the known coin like the bitcoin and ethereum to generate the use case.

[romero121]

Everyone need to understand it clearly. The digital currency from Toyota is developed with the collaboration of a cryptocurrency exchange Decurret.

The main objective of creating the cryptocurrency is digital currency payments for the benefits of its employees. Along with the same, employees preferring the digital currency has got the access to trade and invest. So, this isn't a big thing in the global market of cryptocurrency. For some reason we can expect more automobile manufacturers developing their own cryptocurrency for payments.

[tvplus006]

...What are your thoughts on this huge move from the giant companies? And what will be next?

I first thought that Toyota was launching a digital currency for General use, but after reading the article, I realized that this step was made to increase the welfare of its employees. And this digital currency is regarded as a bonus program, not a salary. We can assume that if this experiment is successful, other campaigns will follow the same path.

[btcltcdigger]

After Paypal announced in joining cryptocurrency, Toyota a giant company and one of the largest automobile manufacturers in the world based in Toyota City, Aichi Japan released their official statement last October 26, 2020, that they will be launching its own digital currency. https://crypto.co/news/toyota-it-division-to-launch-own-digital-currency/

What are your thoughts on this huge move from the giant companies? And what will be next?

IMHO it's HYPE and FOMO.
If you don't have your own blockchain, you're being laughed at in your 1% country club.
Gotta realize most of these will be a trial and error cases, meaning they'll make it, see there's no use of it, and then dump the project

[bittraffic]

After Paypal announced in joining cryptocurrency, Toyota a giant company and one of the largest automobile manufacturers in the world based in Toyota City, Aichi Japan released their official statement last October 26, 2020, that they will be launching its own digital currency. https://crypto.co/news/toyota-it-division-to-launch-own-digital-currency/

What are your thoughts on this huge move from the giant companies? And what will be next?

IMHO it's HYPE and FOMO.
If you don't have your own blockchain, you're being laughed at in your 1% country club.
Gotta realize most of these will be a trial and error cases, meaning they'll make it, see there's no use of it, and then dump the project

Paypal going to release a token of their own but this token might not be in the exchange or probably a stablecoin too. There is no information yet about the token to be created. Toyota token is also not for public use but only for their own company. The news is I guess just to hype to pump BTC.  Companies today are only testing blockchain technology in preparation for the adoption.