Hyundai Commercial – a subsidiary of the Hyundai Motors, South Korea – has announced the partnership with technology giant IBM to implement the blockchain technology related to its operations. Hyundai commercial aims to create an ecosystem in the domain of supply chain finance with the help of Hyperledger Fabric – an open ledger blockchain technology by IBM. This will help the company to reduce the lead times while dealing with a variety of stakeholders in its business including manufacturers, distributors, and dealers. With the help of Hyperledger Fabric, the company claims that all the participants will have access to all the transactions in a single view, leading to more efficient and safe business transactions even during the process of automation or manually updating the records.
IBM Blockchain Solution
IBM provides the blockchain solutions to a wide range of its clients spanning across the industries such as financial services, supply chain, healthcare, retail, digital management, government, etc. The technology giant said that its blockchain solutions provide end-to-end solutions to its clients and the technology is very helpful in developing, managing, and upgrading the business networks, in addition to enhancing the overall systemic efficiencies.
Besides the blockchain technology, Hyundai is also working on to launch a Chabot for its customers. The computer program will be based on artificial intelligence and use IBM’s language processing and machine learning to improve the digital experience offered to its clients. Hyundai is the latest among the well-known commercial companies which have taken a plunge into the adoption of blockchain technology. The benefits of using an open ledger to record and maintain the transactions have become well known in the business arena; the fact that has indeed helped the technology to spread its wings across the business domains.