Volvo Group has tested an in-house cryptocurrency on a closed blockchain network as part of an internal effort to streamline transactions and data exchange with material and transport suppliers, according to Ivan Branco, head of information management, AI and analytics for the company’s truck operations. Branco said the setup is designed to bypass traditional currency systems to make cross-border transactions easier while keeping tamper-resistant records of orders and transport data. The initiative sits within Volvo Group’s broader exploration of blockchain for supply-chain efficiency across its truck, bus and construction equipment businesses. The project has not moved beyond the concept stage and has not yet been deployed at an industrial scale.
Volvo Group has tested an in-house cryptocurrency on a closed blockchain network to simplify transactions and data exchange with material suppliers and transport suppliers, according to BlockBeats.
Ivan Branco, head of information management, AI and analytics for the company’s truck operations, said on July 16 that the internal project is aimed at bypassing traditional currency systems to make cross-border transactions easier. The setup also keeps tamper-resistant records of order and transport data.
The test is part of Volvo Group’s broader effort to explore how blockchain could improve supply-chain efficiency across its truck, bus and construction equipment businesses. The project remains at the concept stage and has not yet entered industrial deployment.
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