IBM (NYSE: IBM) and China’s Sichuan Hejia Co., Ltd. have announced the launch of a blockchain-based, supply chain financial services platform for pharmaceutical procurement.
By tracking drugs through the supply chain and encrypting trading records, the transparency of the blockchain can help establish the authenticity of transactions, lower the credit risk profiled by banks and shorten the payment period.
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Leng Tianhui, Board Chairman of Hejia, said: “The launch of the supply chain financial services platform marks a milestone for the cooperation between Hejia and IBM on the innovative application of blockchain technology. In the future, the platform will expand to include more industries to provide participating companies and financial institutions with transparent and efficient financing services built on blockchain-based innovation in a business model that will contribute to China’s economic development.”
Doctor Shen Xiaowei said: “Blockchain can fundamentally transform businesses by eliminating inefficiencies, speeding up transactions and enabling innovative new business models. The Yijian Blockchain Technology Application System we’ve built with Hejia is a great showcase of this capability. We look forward to continued collaboration with Hejia to apply this technology to other industry use cases.”
“IBM offers an enterprise-grade blockchain platform built on the Hyperledger Fabric that helps clients define and develop new industry use cases,” said Gregor Pillen, Managing Partner, IBM Greater China Group Global Business Services. “We have a deep understanding of various industries and leading technologies that we use to help resolve enterprise clients’ business challenges while finding growth opportunities so that they can help contribute to China’s economic transformation.”