Hyundai subsidiary uses IBM Blockchain to expand SCF services

Friday 15 February 2019 00:29 CET | News

Hyundai Commercial, South-Korea-based subsidiary of manufacturer Hyundai Motors, has announced working with IBM to implement blockchain technology.

Hyundai Commercial is using the open source Hyperledger Fabric to create a supply chain financing ecosystem, which will be designed to reduce lead times and costs in financial transactions among dealers, distributors, and manufacturers. The network intends to provide participants with a single view of all transactions happening in the network, while automating manual processes and enabling transaction data to be securely managed and shared more efficiently.

IBM, which uses its client based spanned across financial services, supply chain, government, retail, digital rights management and healthcare to implement blockchain applications, said that its blockchain platform delivers the end-to-end capabilities that clients need to activate and develop, operate, govern and secure their own business networks.

In addition to blockchain, Hyundai will also be launching an AI-based chatbot for customer service, called Hyundai Card Buddy, using natural language processing and machine learning technology from IBM Watson to improve clients’ digital experience.

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Keywords: Hyundai, Hyundai Commercial, IBM Blockchain, partnership, South Korea, supply chain finance, blockchain, distributed ledger technology
Countries: World