In this regard, Daimler AG, which owns Mercedes-Benz, has entered into collaboration with Icertis, a US based software firm, for building a blockchain for use in supply chain.
Furthermore, Mercedes-Benz and Icertis together has successfully built and programmed a prototype based on blockchain technology that permits saving contracts and other records in complicated supply chains.
The joint venture permits the development of a crystal clear and long lasting plotting of organized records across the complete supply chain. The parties have now moved into the trial phase of the venture.
Wilko Stark, member of the divisional board of Management Mercedes-Benz, highlighted the complication of new age supply chains and said that blockchain technology may possibly impact “nearly the entire value chain.”
He further said
“Blockchain technology has the potential to fundamentally revolutionize our procurement processes […] With our Blockchain-prototype, we are in the first step testing one of diverse possible applications with the aim of increasing transparency beyond our direct suppliers.”
It can be remembered that another top German automaker Porsche AG unveiled its plans to boost investments in blockchain-related startups so as to “gain access to trends, new technologies and business models.”
Notably, in early February, Itochu Corp., one of the top Japanese merchandize trading companies, revealed the creation of a proof-of-concept intended to develop a blockchain-backed traceability system that would enable buyers and sellers to store transaction details about supply chains through a smartphone app.