World’s Biggest Shipbuilder to Use the HiPRO Blockchain Platform

By Kapil Gauhar

Hyundai Group, the business conglomerate of South Korea, is continuing with its seemingly relentless blockchain move with one of its most lucrative business arms using the blockchain technology.

Hyundai Heavy Industries operates shipbuilding as well as factory assembly activities. The firm will be using a blockchain platform called HiPRO, created by Hyundai’s own blockchain division for managing purchases, smart factory incentives, factories and supply chain management for shipbuilding materials. The firm is the world’s well-known and the biggest shipbuilder which recently posted a $2.4 million net profit for the first 3 months of 2019.

Hyundai Heavy Industries is aimed at processing an estimated $6 billion annually via the blockchain platform, incorporating negotiation processes, receipts, contracts, material procurement and payments with tens of thousands of partner firms.

Hdac Technology, Hyundai’s affiliate, operates the HDAC Coin and recently announced that it would be commercialising a new Blockchain as a Service (BaaS) solution, in addition to blockchain-based construction, financing, real estate and production offerings.

In the meantime, the South Korean Ministry of Science the government-run Korean Internet Development Agency and Technology & IT say that they will measure the progress of 15 ongoing private and public blockchain pilot projects at a blockchain summit took place in Seoul.

All 15 projects’ representatives will be presenting the progress reports at the Blockchain Tech Biz Conference in the capital of South Korea, according to Digital Daily report.

The ministry is initialising the government’s blockchain push and has stated previously that it envisions the blockchain technology as being applied to every stratum of the society.

Jens Weidmann, the central bank president of Germany, said –

“A trial Project using blockchain to transfer and settle securities and cash proved more costly and less speedy than the traditional way. However, the prototype in principle fulfilled all basic regulatory features for financial transactions.”