Auto Banking News

IBM to apply blockchain for Hyundai Commercial leasing

hyundai

Today at IBM Think 2019 event, IBM and South Korean auto company Hyundai are announcing that they’re working together on blockchain technology and AI. The blockchain application is for a supply chain finance project for Hyundai Commercial which provides leasing and financial services for commercial vehicles.

IBM will use Hyperledger Fabric to develop a new supply chain finance ecosystem incorporating dealers, distributors and manufacturers. The aim is to automate manual processes, thereby saving money and reducing lead times. A blockchain will enable all participants to share the same view of transactions securely.

Additionally, Hyundai Card has released a chatbot called “Hyundai Card Buddy” for customer service that uses IBM Watson’s AI. The bot interprets and responds to customer queries using natural language processing and machine learning technology.

“Korea enjoys a digital-first financial services industry in which the rapid adoption of technologies such as artificial intelligence, analytics, blockchain and cloud are improving the customer experience and helping expand into new opportunities. Working with IBM, Hyundai Card ∙ Hyundai Commercial has pioneered these new technologies and has been a strong innovator in the industry,” said Andrew Chang, General Manager, IBM Korea.

According to Verdict, Hyundai is the number three car manufacturer in the world. The company owns a significant stake in KIA after acquiring a 51% stake in 1998 which has since been diluted to one third.

IBM is a member of the MOBI alliance, which includes auto manufacturers such as BMW, Ford, GM, and Renault, but not Hyundai. MOBI aims to promote standards and accelerate the adoption of blockchain in the mobility industry.


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