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South Korean Car Maker Hyundai's Finance Arm To Use Blockchain For Modernization

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Hyundai Commercial, the finance arm of South Korean car makers Hyundai and Kia Motors, is partnering technology giant IBM to apply blockchain technology to modernize its business model. The announcement was made during IBM Think 2019, IBM's annual conference focused on technology and business.

Hyundai Commercial provides leasing and financial services for commercial vehicles and construction equipment.

Hyundai Commercial will use the cloud-based IBM Blockchain Platform, powered by The Linux Foundation's open source Hyperledger Fabric distributed ledger framework, to create a new supply chain financing ecosystem.

The new blockchain-powered commercial financing network is designed to reduce lead times and costs in financial transactions among dealers, distributors, and manufacturers.

The network will also provide participants with a single view of all transactions happening in the network while automating manual processes and enabling transaction data to be securely managed and shared more efficiently.

South Korea is already leading the way in the adoption of new technologies such as Artificial Intelligence (AI), Analytics, Blockchain and Cloud to improve the customer experience and helping expand into new opportunities.

IBM is recognized as the leading enterprise blockchain provider and has worked with hundreds of clients across financial services, supply chain, government, retail, digital rights management and healthcare to implement blockchain applications.

The cloud-based IBM Blockchain Platform delivers the end-to-end capabilities that clients need to quickly activate and successfully develop, operate, govern and secure their own business networks.

Another subsidiary, Hyundai Card, is working with IBM to advance their use of cloud-based AI to improve the customer experience. Hyundai Card has introduced an AI-based chatbot for customer service named 'Hyundai Card Buddy.'

It uses natural language processing and machine learning technology from IBM Watson. It engages with customers to answer common questions quickly, while freeing Hyundai professionals to handle more complex customer service needs.

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