The Hyundai Motor Group’s technology subsidiary Hyundai Autoever Wednesday signed a memorandum of understanding with the blockchain platform providers Lambda 256 and Blocko.

The three would develop the cloud-based blockchain platform for the Hyundai Motors.

The platform would enable Hyundai to use blockchain technology in delivering cars, sourcing parts and managing second-hand vehicles.

Hyundai would also create its coins so that employees use them internally.