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Hyundai Group Makes USD 6 Bn Blockchain Move

Seoul - As previously reported, Hyundai’s affiliate Hdac Technology operates the HDAC Coin cryptocurrency and recently announced it would commercialize a new blockchain-as-a-service (BaaS) solution

Seoul - South Korean business conglomerate Hyundai Group is continuing with its seemingly relentless blockchain drive – with one of its largest and most lucrative business arms adopting the technology. Hyundai Heavy Industries, which operates shipbuilding and factory assembly activities, will use the HiPRO blockchain platform – created by Hyundai’s own blockchain division – to manage purchases, factories, smart factory incentives and supply chain management for shipbuilding materials. The company is the world’s biggest shipbuilder, and recently posted a USD 2.4 million net profit for the first three months of 2019.
Per Hanguk Kyungjae, Hyundai Heavy Industries intends to process an estimated USD 6 billion per year through the blockchain platform, including negotiation processes, contracts, receipts, payments and material procurement “with tens of thousands of partner companies.”
As previously reported, Hyundai’s affiliate Hdac Technology operates the HDAC Coin cryptocurrency and recently announced it would commercialize a new blockchain-as-a-service (BaaS) solution, in addition to blockchain-powered construction, real estate, financing and production offerings.
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