Mizuho Financial Group is partnering with tech conglomerate Hitachi to develop a blockchain platform for supply chain management.
The ultimate goal, according to the firms, is to develop a record of every transaction that can be accessible by anyone in the company, thereby streamlining the process needed to order an item.
Right now, Hitachi's process involves ordering an item, confirming the order, creating an invoice and approving the invoice. Due to technical limitations and reliability issues, however, this process does not always work as desired.
Hitachi intends to incorporate its Lumada Internet of Things platform into the test to aid its data collection efforts and continue to build commercial products.
Shipping containers image via Shutterstock
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