Volvo Group plans own crypto for internal supply chain payments

Swedish truck manufacturer Volvo Group is testing its own cryptocurrency for use in its supply chain payment system, Crypto Briefing reported. According to Ivan Branco, Head of Information Management at Volvo Group, who appeared on a Cardano Foundation (ADA) podcast, the company is conceptualizing a system to record payments and order ledgers between material suppliers and transporters on a shared blockchain. This system would use a cryptocurrency for instant settlements within the supply chain, bypassing traditional banking networks. The cryptocurrency is designed for internal supply chain payments rather than as a public, speculative token. The specific blockchain to be used has not been disclosed, and there is no officially announced partnership with the Cardano Foundation.