- Volvo Group tested a proprietary cryptocurrency for supplier transactions.
- The pilot runs on a private blockchain network.
- The project aims to improve cross-border payments and supply chain tracking.
- The initiative is still in the research and testing phase.
Volvo Group is exploring how blockchain technology could streamline supplier payments by testing a proprietary cryptocurrency within a private blockchain network.
The system allows Volvo, material suppliers, and transport partners to exchange payments and logistics data inside a closed ecosystem without relying on traditional currencies. The goal is to simplify cross-border transactions while creating permanent, tamper-resistant records for orders and shipments.
The company also sees blockchain as a tool for improving product traceability, particularly as new European regulations such as the Digital Product Passport increase demand for detailed supply chain records. Better tracking could also help manufacturers comply with trade restrictions and sanctions by monitoring where products ultimately end up.
Although the project remains in the ideation stage and has not been commercialized, it reflects growing interest from major industrial companies in using blockchain beyond digital assets and financial services.v
