Hyundai Commercial — a financial services subsidiary of South Korean automobile firm Hyundai — has publicized a partnership deal with American tech behemoth IBM to update its business model with the use of blockchain.
The news was made public earlier this week at IBM’s annual tech and business conference called “IBM Think 2019” that was held in San Francisco, California.
Hyundai Commercial is reportedly “a corporate finance company that provides leasing and financial services for commercial vehicles and construction equipment.”
The collaboration with IBM will concentrate on using open source Hyperledger Fabric blockchain technology to make a new supply chain financing ecosystem for the Hyundai Commercial network.
Network participants — which include automobile dealers, distributors and manufacturers — will have access to a real-time, shared view of all transactions on the blockchain, allowing for this information to be securely managed and efficiently distributed. The innovation will also offer efficiency gains by automating hitherto manual processes.
The announcement also divulged that a separate Hyundai financial services subsidiary, Hyundai Card, would be working with IBM to apply its machine learning technology to make an artificial intelligence-based chatbot for customer services.
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