Toyota IT Division to Launch Own Digital Currency

darkphoenix2610

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Quote from: Zeehaxan on October 28, 2020, 11:09:10 AM

Quote from: darkphoenix2610 on October 28, 2020, 06:25:29 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 just get the feeling we are on the right path of adoption and soon all big brands will be investing in crypto and also their own branded coins, this simply means that crypto market will be in trillions in few years.

Cryptocurrency adoption is becoming a trend nowadays, from the giant private companies now Banks are adopting cryptocurrency also. Just recently I have read that 100 banks from Italy move to Blockchain and just recently Iran amended their law to adopt Bitcoin as payment for imports https://crypto.co/news/iran-amended-law-to-adopt-bitcoin-as-payment-for-imports/. This must be exciting.

H1N1

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It is good to see a well known company start to using digital currency especially cryptocurrency for their own products.
Now we should know about the purpose of the digital currency, whether it is going to be used for buying, or repairing the products or something else. There might be many people buy their own digital currency if the information given is complete.

lienfaye

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Quote from: darkphoenix2610 on October 28, 2020, 06:25:29 AM

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

Toyota first explore and engage themselves in blockchain, and now will launch their own digital currency. Its a good move considering they are a big company, however this plan is exclusive and will only be beneficial to their employees.

Nevertheless the fact that Toyota is now adopting blockchain and making their own digital currency it can be a start for other companies to do the same. If this happens bitcoin and alts will gain popularity because it has somehow an impact for crypto to be known.

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Quote from: Gozie51 on October 29, 2020, 05:43:35 PM

Quote from: darkphoenix2610 on October 28, 2020, 06:25:29 AM

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

If this is going to be teal then it is a nice news. Toyota is already a trusted name and big brand. I expect that there token won't be fake or plagiarized white paper, there project should be in list of

It will be a comprehensive whitepaper if they will release one. Not just a substandard, copy-cat whitepaper. But this news is really very welcome in the crypto community. The move of PayPal will really give confidence to other big companies to follow thru. We will expect more popular companies to integrate blockchain technology or create their own cryptocurrency in the next coming years. They are now realizing that digital currency has benefits on their operations.

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Quote from: darkphoenix2610 on October 28, 2020, 06:25:29 AM

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

If this is going to be teal then it is a nice news. Toyota is already a trusted name and big brand. I expect that there token won't be fake or plagiarized white paper, there project should be in list of top projects.

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Quote from: darkphoenix2610 on October 28, 2020, 06:25:29 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?

more giant company joining cryptocurrency and developt blockchain technology its good for cryptocurrency price itself. its proved that this market was not fake and really have technology and potency . few years ago many CEO from huge finance institution said it was fake and now with the paypal and toyota joining in crypto market tell them that this market need for all companny. i am sure in near future more company will set their own cryptocurrency division.

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Quote from: btcltcdigger on October 29, 2020, 03:06:53 PM

Quote from: darkphoenix2610 on October 28, 2020, 06:25:29 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?

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

It could be still a trial stage consider that's the first time for the IT team of toyota to build its private blockchain to be used on its company's ecosystem. it will be also an experimental that will need a lot of time to make sure the blockchain will be working accordingly.

I doubt if that's hype because some countries have even used blockchain for the verification-health system.

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Quote from: btcltcdigger on October 29, 2020, 03:06:53 PM

Quote from: darkphoenix2610 on October 28, 2020, 06:25:29 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?

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.

btcltcdigger

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Quote from: darkphoenix2610 on October 28, 2020, 06:25:29 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?

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

tvplus006

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Quote from: darkphoenix2610 on October 28, 2020, 06:25:29 AM

...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.

romero121

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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.

ololajulo

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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.

FanEagle

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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.

1l1l11ll1l

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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

gunungkembar

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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.

imstillthebest

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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 .

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Quote from: cryptomaniac_xxx on October 28, 2020, 06:55:49 AM

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.

judeafante

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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.

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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.

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Quote from: VIP BTC on October 28, 2020, 05:04:39 PM

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.

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Quote from: TastyChillySauce00 on October 28, 2020, 07:47:47 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.

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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.

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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.

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Quote from: darkphoenix2610 on October 28, 2020, 06:25:29 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, 06:25:29 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

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Quote from: darkphoenix2610 on October 28, 2020, 06:25:29 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.

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Quote from: (o)(o)ilikeboobs(o)(o) on October 28, 2020, 11:23:12 AM

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.

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Quote from: benthach on October 28, 2020, 08:42:54 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

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Quote from: Kang TB on October 28, 2020, 07:32:13 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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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.

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Quote from: darkphoenix2610 on October 28, 2020, 06:25:29 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, 06:25:29 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.

(o)(o)ilikeboobs(o)(o)

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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.

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Quote from: darkphoenix2610 on October 28, 2020, 06:25:29 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 just get the feeling we are on the right path of adoption and soon all big brands will be investing in crypto and also their own branded coins, this simply means that crypto market will be in trillions in few years.

Bitum

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I am sure that more and more big players will get into crypto. It's just a matter of time. The beginning is already given.
Recently there was also a message from JPM
https://www.cnbc.com/2020/10/27/jpmorgan-creates-new-unit-for-blockchain-projects-as-it-says-the-technology-is-close-to-making-money. html

TastyChillySauce00

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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.

Kang TB

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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

cryptomaniac_xxx

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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.

darkphoenix2610

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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?

Topic: Toyota IT Division to Launch Own Digital Currency (Read 412 times)