Mizuho Financial Group is partnering with tech giant Hitachi to develop a Blockchain platform for supply chain management.
It has been reported that the open source regulatory blockchain consortium has decided to test a system built on the technology. This consortium was formed to determine whether they could use an immutable ledger to record orders, invoices and collect data about company operations.
For now, Hitachi’s process is to order an item, confirm the order, generate an invoice, and approve the invoice. However, due to technical constraints and reliability issues, this process doesn’t always work as intended.
Hitachi wants to put the Lumada Internet of Things Platform to the test to help with data collection and continue developing commercial products. .
Not testing a blockchain platform for a use case, especially since Mizuho has recently completed a trade finance trial with multiple organizations. Other trials included an awards program and a research lab in the USA.
coindesk