Volvo Group pilots proprietary crypto for supplier payments

Volvo Group is piloting a proprietary cryptocurrency on a closed blockchain to streamline supplier payments and improve supply chain efficiency. The project is still in the experimental phase.

Volvo Group has initiated internal tests of a proprietary cryptocurrency on a closed blockchain network to optimize supplier transactions and streamline its global supply chain. This exploratory project involves selected material and transport suppliers, aiming to enable faster, more secure, and transparent cross-border payments. The system operates within a permissioned network, granting access only to authorized partners. This approach enhances control and security, while transaction data, shipment details, and purchasing records are stored as immutable blockchain entries. Such features could reduce reconciliation work and automate key processes. Volvo emphasizes that the initiative is experimental, with no immediate plans for commercial deployment. The company is focused on assessing the real commercial value and operational efficiencies that blockchain technology could deliver to its supply chain operations.