Volvo Tests In-House Cryptocurrency

Volvo is testing the use of a cryptocurrency developed in-house to accelerate transactions in its global supply chain and streamline administrative processes. The initiative focuses on conducting transactions between material suppliers, shipping companies, and Volvo through a closed blockchain system. Ivan Branco, who manages information management, artificial intelligence, and analytics in Volvo Group Belgium's logistics operations, stated that blockchain technology is being examined to reduce inefficiencies in the supply chain. Volvo is exploring whether a closed transaction environment can be established that participants can access. In the planned structure, transactions between material providers, shipping companies, and Volvo will be recorded through the same system. Volvo is testing the reduction of complexity in supply chain-related procedures by using its own cryptocurrency in the system to be created. Details on how the in-house asset will be used for payments between parties or transaction records have not yet been disclosed. Branco noted that one of the barriers to the widespread adoption of blockchain technology is its association solely with cryptocurrency speculation. The results of the tests will determine whether the in-house cryptocurrency or closed blockchain network can be used in real operations.

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