Toyota IT Division to Launch Own Digital Currency - page 2.

Ucy

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Quote from: TastyChillySauce00 on October 28, 2020, 08:47:47 AM

Quoted this from your link

Quote

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.

bussybuddy

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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.

Mandarava

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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.

_IRMAN

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Quote from: darkphoenix2610 on October 28, 2020, 07:25:29 AM

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.

Squezzi55

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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.

StyleForceOne

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Quote from: darkphoenix2610 on October 28, 2020, 07:25:29 AM

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

Reatim

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Quote from: darkphoenix2610 on October 28, 2020, 07:25:29 AM

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.

fortunecrypto

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This is to promote Cryptoicurency on their ranks and files, if some of their workers are not yet on Cryptocurrency, they will soon be once this is implemented, Toyota have a lot of of affiliate in many countries and they will likely expand the usage tot heir affiliate abroad, and many countries will emulate this, the future of Cryptocurrency is bright reading a big company is going to do this.

Ridwan Fauzi

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Last year Toyota has been tried to use blockchain system (like has mentioned on the article) so I'll not supprise if they now create its digital curreny who use blockchain as well. But, it certainly a good news for us all for crypto sphere because its system especially bitcoin has been trusted to be implemented in their system.

Sooner or later we will see its competitor like Honda that will use blockchain system. It just takes a few times from now, also I just amazed what has done by Japan's government, they are not doubt to use new system and regulated it. As we all now japan is the first country who has been allowing its citizen to use crypto currency as a mean of payment even some companies have paid their employees using bitcoin which many country didn't do that until now.

TravelMug

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Quote from: (o)(o)ilikeboobs(o)(o) on October 28, 2020, 12:23:12 PM

Toyota is trying to create a digital currency to help this corporation solve problems of payment, gifts, incentives, shares ...
This coin will save them a lot of management money to focus on developing their new product. I appreciate the adoption of Blockchain in their system.
Since Toyota's digital currency has intrinsic value, it will not affect the crypto market.

Most likely this is their initial goal, sort of testing their own digital currency and how things are going to be solved much faster internally within the company. So I would say that this is a good first step, not just for Toyota for all over the industry as we all know that having it's own token and private blockchain has a very positive effect.

This will set a precedence, and this is going to be the trend in the future. Small to large based companies moving to blockchain and developing their own digital currency. So we should welcome everyone of them joining this technological revolution.

plr

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Quote from: benthach on October 28, 2020, 09:42:54 PM

this is the age of cryptocurrency

It is although this news will not have an impact in the market, but reading that Toyota will create one exclusively for their company, many company will model the structure, imagine what if the top 100 companies in the world have their own token for internal usage, that will be a big introduction to workers to Cryptocurrency and these workers will likeley invest in Cryptocurrency.

benthach

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this is the age of cryptocurrency

aioc

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Quote from: Kang TB on October 28, 2020, 08:32:13 AM

Toyota is a big company and now this company follow the movements from paypal,
seems a bright future really clear in crypto world now, i believe more demands will coming in the near tima

Nope it will not have an impact in the market according to the article

Quote

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.

so the digital currency will revolve around the company only and cannot be traded elsewhere, but if they succeeded many company will do the same for their workers.

VIP BTC

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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.

bttmember

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AMEPAY

Before getting excited, we should wait and see how decentralized these coins are, i have read today that jp coin from jp morgan is also ready so lets see their uses and impact on the real crypto market, some people think that these will be controlled and centralized coins with limited uses allowed. If they are not truly decentralized im afraid they will not add any value to crypto market.

milewilda

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Quote from: darkphoenix2610 on October 28, 2020, 07:25:29 AM

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?

Nothing special and wont be surprised if other big companies neither on the same industry or into other would tend to make their own digital currency.Thing here is that the trend do becomes big
but on its true purpose then its nothing different with fiat yet you can only make use of those coins only into their company.Am i right? So theres no point on making up such transition
and it would be less on the hassle if they do just stick out into traditional fiat.I dont see any other usage of those company coins that they had created.It will just simply pegged out into
traditional currencies mainly on jap yen and usd for sure.

uray

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Quote from: darkphoenix2610 on October 28, 2020, 07:25:29 AM

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.

So all the big corporate are following the trend and rather than using a well established cryptocurrency they are going to start their own and if each and every company starts their own it would be funny as you need a use case to attract users if not it will die off eventually and i really do not understand whey they wanted a digital currency on their own.

livingfree

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It's the application of blockchain and crypto.

Any company can make their own but will just use it inside their premises. No commercial use for that. But it all depends how they will use the token.

Appreciate that they do appreciate the technology we love.

tycsols

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Nice news, this just goes to shows that irrespective of the type of business each and every company, institution and even individuals are now looking to enter crypto market that can be by direct investing or by creating a product that will also result in new money flowing in to the crypto market.
I hope toyota will introduce many user friendly services with its coin like booking fee, full amount payments, taxes, registration all through the toyota coin.

jrrsparkles

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Digital currency is not always a crypto currency, and this is something not for the public usage as per the above posts so its not something related to cryptos but it could bring the importance of moving towards digital payments where ever it is possible to have.

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