Japanese Mizuho Financial Group teams up with tech conglomerate Hitachi in order to use blockchain platform for supply chain management.
The release on mizuho-fg.co.jp
The two companies have agreed to test a system built on technology from the open-source Hyperledger blockchain consortium to determine whether they can use an immutable ledger to record orders, invoices and otherwise collect data about company operations, as coindesk.com details.
According to the companies, the ultimate goal 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. Thus, for now, Hitachi's process involves ordering an item, confirming the order, creating an invoice and approving the invoice. 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.
It's also noteworthy, that it is not Mizuho's first time testing a blockchain platform for the use case, as the firm recently completed a trade finance trial with several organizations.