According to a press release published on 25 February, Mercedes Benz, a German based automobile giant has come up with a platform based on the principles blockchain technology in order to boost sustainability and transparency in the supply chains.
Mercedes Benz which is a subsidiary of Daimler AG (German Multinational Automotive Corporation) has joined hands with Icertis (US-based software company) with the intention of agreeing to come up with a blockchain tech for supply chain use.
The automobile firm came out to announce that they have developed and programmed a mock-up in collaboration with Icertis which is primarily based on blockchain technology. This prototype allows preserving of documentation and contracts in the supply chain.
With this project, the companies aim to achieve transparency and sustainable mapping of documents all across the supply chain. At press time, the two corporations together are in the testing phase of the pilot project. Talking about the complexity of the modern supply chain, a member of the divisional board of Management Mercedes Benz, Wilko Stark stated that ‘blockchain tech could affect “nearly the entire value chain.’ He further went on to add that ‘Blockchain technology has the potential to fundamentally revolutionize our procurement processes […] With our Blockchain-prototype, we are in the first step testing one of the diverse possible applications with the aim of increasing transparency beyond our direct suppliers.’
As reported previously, another major automobile giant, Porsche AG came out to announce their intentions put in more money in startups related to blockchain technology. This was being planned with the purpose of ‘gaining access to trends, new technologies, and business models.’
It was also reported that earlier in the month of February that Itochu Corporation (Japan’s largest general trading company) came out to officially announce the beginning of a proof-of-concept which is directed at formulating a traceability system backed by blockchain in order to let sellers and buyers record transaction details concerning supply chains through a smartphone app.