Mizuho Financial Group is partnering with tech conglomerate Hitachi to develop a blockchain platform for supply chain management.
Announced Thursday, the two companies have reportedly 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.
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.
Notably, this 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. Other trials have included a rewards program and a research lab in the U.S.
