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Volvo Group tests its own cryptocurrency for supplier transactions

2026-07-16 10:37:26

Abstract generation in progress

BlockBeats, July 16: Ivan Branco, Head of Information Management, AI and Analytics for Volvo Group’s Truck Operations, revealed that the company has tested its own cryptocurrency on a permissioned blockchain network to simplify transactions and data exchange with material suppliers and transportation suppliers. This internal exploration bypasses traditional currency systems to facilitate cross-border transactions while retaining tamper-proof records of orders and shipping data. The attempt is part of a broader initiative by Volvo Group (responsible for trucks, buses, and construction machinery businesses) to explore blockchain to improve supply-chain efficiency, but the project is still in the conceptual stage and has not yet moved into industrial-scale implementation.

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