Hyundai commercial – the leasing and financial services subsidiary of South Korean and world automobile manufacturer Hyundai, has announced a partnership with tech giant IBM to improve its business model using blockchain technology and artificial intelligence.
The partnership which was announced at IBM’s annual tech and business conference titled ‘IBM Think 2019’, is aimed at using open source Hyperledger blockchain technology to create a new supply chain for the financing system on the Hyundai commercial network.
Through the proposed system, network participants which include automobile dealers, distributors and manufacturers, will all have access to a real-time and shared view of all transactions on the blockchain as well as efficiency through the automation of all manual processes to ensure data security and improved data distribution.
Speaking on the partnership, General Manager IBM Korea Andrew Chang said;
Korea enjoys a digital-first financial services industry in which the rapid adoption of technologies such a artificial intelligence, analytics, blockchain and cloud are improving customer experience and helping expand into new opportunities. Working with IBM, Hyundai Card and Hyundai Commercial have pioneered these new technologies and has been a strong innovator in the industry.
The GM also went on to discuss details on the Hyundai Card chatbot which uses IBM’s Watson AI for customer service operations.
Hyundai joins a growing list of automobile companies like GMC , Ford, BMW and Renault which have taken interest in the adoption of blockchain technology especially as the DLT technology offers commercial companies an avenue to record transactions on an open ledger with the automation of general processes; which are both fundamental requirements for open and trusted business models.
IBM on its part continues make its mark in the blockchain space; with partnerships and blockchain implementation projects across financial services, supply chains, government operations, retail, digital/copy rights management, healthcare, insurance and now mobility sectors. The tech giant is providing its clients with blockchain technology solutions to develop, manage and upgrade business networks to enhance overall efficiency and standards.