Hyundai has announced that its financial services subsidiary, Hyundai Commercial, has selected IBM to revamp its business model utilizing blockchain technology.

Utilizing Hyperledger Fabric blockchain technology, the tech firm will build a new financial supply chain ecosystem for Hyundai Commercial network, which will allow its network participants to have access to real-time data. The members, such as automobile dealers, distributors and manufacturers, will be able to have a shared view of all the transactions made on the network.

Unlike manual process, this streamlined ecosystem is claimed to allow secure and efficient management of the shared data on blockchain. As per sources, Hyundai Card, another financial services subsidiary of Hyundai, will also be joining IBM to implement Machine Learning and develop Artificial-Intelligence based Chatbot for support services.

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