Volvo testing its own crypto to streamline global supply chain

Global automaker Volvo is discussing the development of its own cryptocurrency to improve the efficiency of its global supply chain, U.Today reported. According to Ivan Branco, head of information management, AI, and analytics for Volvo Group's logistics operations in Belgium, the company began focusing on blockchain as a solution to supply chain inefficiencies. He noted that the biggest barrier to blockchain adoption is the misconception that it is solely for cryptocurrency speculation. Branco explained that Volvo is exploring whether it can create a closed blockchain environment for transactions between its material suppliers, transport companies, and itself, in collaboration with specific transport partners. This includes examining if a proprietary cryptocurrency could be used to eliminate related complexities.