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According to U Today, Ivan Branco, the person in charge of information management for Volvo Group’s logistics business, said the company had previously tested a blockchain-based closed-loop transaction system with some materials and transportation suppliers, and created a dedicated cryptocurrency for the pilot to be used for settlement between suppliers and Volvo. The exploration was mainly to address issues such as fragmented supply chain information, complex transactions, and collaboration efficiency, and was not intended to issue tokens for the public market.