Subsidiary Of Hyundai Partners With IBM To Advance Blockchain Operations

Hyundai Commercial, a subsidiary of Hyundai, has entered into a partnership with IBM to deploy and advance blockchain technology. The joint collaboration is anticipated to have a positive impact on the crypto sector as the South Korean company has a worldwide presence.

The automobile manufacturer is headquartered in Seoul, where the world’s largest manufacturing facility exists. Hyundai Commercial, a subsidiary of Hyundai, offers finance related services for commercial vehicles.

IBM, a US software behemoth, has expertise in IT consultation. The company, often referred to as Big Blue, has partnered to establish a platform that will allow managing finances related to the supply chain of Hyundai in an efficient manner. The system will allow all users to view all transactions being made on the network in real-time.

The proposed system is anticipated to offer a secure network for the interacting users, while ensuring efficiency through electronification of manual procedures. Hyundai Card, another subsidiary of Hyundai, intends to establish an AI-based chatbot for dealings with computers. The subsidiary aims to improve customer support services using IBM’s machine learning technology.

IBM has established itself in the crypto domain and continues to expand its offerings.

The company now offers blockchain solution in several industrial sectors namely healthcare, supply chain and retail. Recently, IBM has partnered with Banco Santander, a Spanish bank, to assist the latter in deploying the technology. The firm is also combining Internet of Things with blockchain to manage the drought in California.