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Volvo Group tests its own cryptocurrency for supplier payments

2026-07-16 10:45:28

Abstract generation in progress

Mars Finance news: On July 16, Ivan Branco, Head of Information Management, AI and Analytics at Volvo Group’s Truck Operations division, revealed that the company has tested its own cryptocurrency on a closed blockchain network to simplify transactions and data exchange between material suppliers and transport suppliers. This internal experiment bypasses traditional currency systems to facilitate cross-border transactions while preserving tamper-proof records of orders and transportation data. The attempt is part of Volvo Group’s broader plan to explore how blockchain can improve supply-chain efficiency (covering trucks, buses, and construction equipment), but the project is still in the conceptual stage and has not yet moved into industrial-scale implementation.

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