Cardano Foundation: Volvo Group once created a proprietary cryptocurrency for internal testing of vendor payment processes

Deep Tide TechFlow news, on July 16, the Cardano Foundation published a post sharing that it has engaged in dialogue with the automaker Volvo Group to discuss the application of blockchain technology in manufacturing. Ivan Branco, who works on information management, artificial intelligence, and data analytics for Volvo Group’s Belgium truck business, said in an interview that supply chain compliance is an important scenario for blockchain deployment. If assembled components include components from sanctioned countries, manufacturers may face repeated fines, while a ledger shared among suppliers can eliminate trust issues from the source.

Ivan Branco said that Volvo had created a proprietary cryptocurrency for internal testing of supplier payment processes. Ivan Branco believes the related technology is already usable, but the supporting organizational culture has not yet caught up—an issue that is harder to solve than the technology itself.