Volvo Creates Cryptocurrency for On-Chain Payments

Volvo has developed a proprietary cryptocurrency to facilitate payments to its suppliers. This initiative was announced by Ivan Branco, head of artificial intelligence activities for Volvo's heavy-duty sector in Belgium, during a podcast by the Cardano Foundation. The goal is to simplify transactions between raw material suppliers, carriers, and Volvo by using a single currency to reduce the complexity associated with different local currencies. According to Branco, blockchain also allows for maintaining a unique record of information related to transport and orders, thus providing improved traceability and real-time payments. Volvo is no stranger to blockchain, as its subsidiary Volvo Cars launched an initiative in 2019 to ensure the traceability of cobalt in its electric vehicle batteries.