Hyundai Commercial, the financial subservient of Hyundai has unveiled a partnership with IBM to implement blockchain technology. The partnership is likely to have a huge impact on the cryptosphere since the South Korean company has a global base of operations.
Hyundai is a South Korean company that manufactures and trades in cars and other vehicles with the headquarters being in Seoul the company is home to the world’s largest automotive manufacturing facility. Hyundai Commercial is a subsidiary of Hyundai that provides financial services for commercial automobiles.
IBM is an American multinational company that specializes in computer technology and IT consultation. It is one of the largest IT based companies today and is often dubbed as Big Blue.
The collaboration is aimed at creating a platform that can support Hyundai’s supply chain finances efficiently. The system will allow all users to view all transactions being made on the network in real-time. The system will provide a secure network to the users for interaction while maintaining the efficiency by digitalizing the manual processes.
Moreover, another subsidiary Hyundai Card hopes to create an AI-based chatbot for interactions with computers. The subsidiary hopes to achieve this with IBM and its machine learning technology to enhance customer support services.
IBM has spread its root in the crypto sphere and has expanded the offerings it provided. The company now provides blockchain based solution in many industrial sectors including retail, healthcare and supply chain.
The company has recently collaborated with Spanish Bank, Banco Santander to assist the bank in implementing blockchain technology. Moreover, the firm is using the Internet of things with blockchain to assist in countering the drought in California.