Hyundai to Integrate Blockchain into Financial System with IBM’s Help

Hyundai Commercial has announced a partnership with IBM for the development of a blockchain-based financial system. IBM also announced the news regarding the partnership during its recent IBM Think 2019 event.

Hyundai Commercial is South Korea’s leading automobile manufacturer’s finance company. It provides financial and leasing services to Hyundai for construction equipment and commercial vehicles.

In the said partnership, a new supply chain financing ecosystem will be created for Hyundai Commercial. IBM is expected to use open source Hyperledger Fabric blockchain technology in order to achieve this goal.

After successful implementation of the blockchain-based financing ecosystem, manual processing will be replaced with automatic processing, thereby enhancing the efficiency. Moreover, a real-time view of all transactions on blockchain will be available to all network participants including manufacturers, dealers and distributors.  It will also ensure efficient and secure distribution of this data.

Furthermore, Hyundai Card (a separate Hyundai financial services subsidiary) has asked IBM to develop a chatbot for its customer services utilizing artificial intelligence. IBM will use its machine learning technology for the said project.

Recently, IBM declared to utilize its blockchain technology along with the Internet of Things (IoT) to develop a sensory system for real-time groundwater tracking in California. On the other hand, in order to promote fintech startups in Busan, HyundaiPay signed a Memorandum of Understanding (MoU) in the previous week. It is expected that as blockchain regulations become lucid, more and more industrial investors will join the sector.

 

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