Cardano Foundation: Volvo Group once created a proprietary cryptocurrency to test supplier payment processes

Odaily Planet Daily News: The Cardano Foundation stated that it has exchanged views with the Volvo Group on the application of blockchain technology in the manufacturing industry. Ivan Branco, who is responsible for information management, artificial intelligence, and data analysis for Volvo Group's truck business in Belgium, stated that Volvo once created a proprietary cryptocurrency for internal testing of supplier payment processes.

Ivan Branco believes that the relevant technology is already usable, but the organizational culture has not yet caught up, which is a more difficult issue to resolve than the technical challenges. He also stated that supply chain compliance is an important application scenario for blockchain. A shared ledger among suppliers can enhance the transparency of component origins and reduce compliance risks associated with using parts from sanctioned countries.