Hyundai, South Korea’s second largest business conglomerate, still seems to continue with its endless blockchain drive, commissioning its lucrative shipbuilding subsidiary to adopt the technology.
Hyundai Heavy Industries, the world’s largest shipbuilding entity, with factories engaged in marine manufacturing and assembly activities will employ its own proprietary HiPRO blockchain platform, created by Hyundai’s in-house blockchain division specifically to manage factories, procurement & acquisitions, implement and further smart factory incentives, as well as for the overall management of its shipbuilding supply chain.
Globally recognised as the industry’s foremost shipbuilding enterprise in terms of revenue, Hyundai recently declared a $2.4 million net profit for the first quarter of 2019. According to a report by the Korean economics newspaper, Hanguk Kyungjae, Hyundai Heavy Industries proposedly aims to process up to $6 billion per annum via its in house developed blockchain platform.
This newly adopted technology aims to provide greater flexibility while simultaneously improving control over certain facets of its business to ultimately deliver better support for products critical to its manufacturing operations and processes. This includes negotiation processes involving contracts, receipting, materials procurement, and payments between itself and thousands of partner companies involved in its manufacturing supply chain.
AS per previous reports, Hyundai affiliate Hdac Technology, administers and operator of the HDAC cryptocurrency, in a recent announcement stated it intends to commercialise a newly developed blockchain-as-a-service (BaaS) market solution, in addition to its blockchain driven real estate, construction, production, and finance offerings.
In the interim, South Korea’s Ministry of Science, Technology and Information Technology, and its government-controlled Korea Internet Development Agency (KISA) announced they would assess the continuing progress of fifteen private as well as public blockchain pilot project ventures at a summit dedicated to the furtherment of blockchain technology hosted in Seoul.
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According to internet media news page, Digital Daily, at the upcoming Blockchain Tech Biz Conference hosted in the Korean capital Seoul, elected representatives for each project will present reports on their individual progress for each of the 15 ventures. The Korean ministry supports and spearheads the government’s blockchain initiative, earlier a spokesperson revealed the government envisions the technology applied to every stratum of its society.
In a Bloomberg report, Jens Weidman, German central bank president, revealed that a trial project utilising blockchain for the transfer and settlement of cash and securities proved it a more costly and less speedy process compared to the traditional process. However, in principle, this prototype fulfilled all the basic regulatory features for conducting financial transactions.
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