Volvo Tests In-House Cryptocurrency to Streamline Supply Chain

Volvo Group is testing whether it can use an in-house cryptocurrency to improve efficiency across its global supply chain.

U.Today reported on July 15 that Ivan Branco, head of information management, artificial intelligence and analytics for logistics operations at Volvo Group Belgium, said the company is looking at blockchain technology to address supply-chain inefficiencies.

Branco said one of the biggest barriers to adoption is the perception that blockchain is tied to cryptocurrency speculation. He said Volvo is working with some carriers to examine whether it can build a closed blockchain-based environment for transactions among material suppliers, transport companies and Volvo.

He added that the company is also testing whether it can use its own cryptocurrency to reduce the complexity of related procedures.