News Mercedes-Benz develops blockchain pilot to find better third-party suppliers

Mercedes-Benz develops blockchain pilot to find better third-party suppliers

-

- Advertisment -

Mercedes-Benz develops blockchain pilot to find better third-party suppliers

Mercedes-Benz is launching yet another blockchain pilot.

After running various blockchain trials in the past, the car manufacturer, owned by Daimler AG, has partnered with Icertis, a contract management software provider for enterprise businesses.

According to a statement, the pilot will look at how blockchain technology can help with the documentation of contracts in the supply chain, helping Daimler to vet third-party suppliers accordingly.

As part of the procurement process, suppliers are typically vetted in terms of control standards and contractional obligations with regards to human rights, working conditions, safety, and such.

By leveraging blockchain technology, companies could get a more transparent mapping and a better understanding of this transmission across the supply chain. If one of the suppliers deviates from its initial contractual obligations, this can be seen on the blockchain.

Wilko Stark, member of the divisional board of management at Mercedes-Benz Cars, procurement and supplier quality, said blockchain technology had the potential to fundamentally revolutionize its procurement process, potentially affecting almost the entire value chain.

“Global supply chains are becoming increasingly complex. 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,” Stark added.

This pilot, however, is not the first time Daimler enters the blockchain space.

The corporation has been a member of Hyperledger, a project run for by the Linux Foundation to ease the development of blockchain-based technologies and applications, since 2017.

That same year, Daimler and Landesbank Baden-Württemberg (LBBW) used blockchain technology to complete a financial transaction.

We’ve reached out to Daimler for further details and we’ll follow up with more information if we hear back.

Source: TheNextWeb

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Bitfinex Is Paying hackers to recover stolen Bitcoin from 2016 hack.

How can you trace $1.3 billion dollars from a Bitcoin heist? The Bitfinex cryptocurrency exchange offers the...

How to Make Margin Trading More Profitable Than Spot Trading

In the financial sector, there are different ways of trading assets and commodities, Both spot trading and...

The 3 Main Reasons Behind Bitcoin’s Rise

Bitcoin is famous for its volatility, but has been unusually calm in recent months. The digital currency...

US Banks Can Now Open Bitcoin Accounts? Is This a Good Thing?

Do you remember what was said by the banks against cryptocurrencies? That it's nothing worth talking about...
- Advertisement -Mercedes-Benz develops blockchain pilot to find better third-party suppliers

PlutusDeFi’s Plans To Let Decentralized Finance Fans Lend And Earn On Idle Assets

German-based non-profit dGen speculated the industry could surpass the trillion-dollar mark in the next decade. They wrote...

Cryptocurrency Has Brought A New Wave of Transaction

The most beautiful definition of a cryptocurrency suggests that it is a digital currency, which is crafted utilizing the...

Must read

How to Make Margin Trading More Profitable Than Spot Trading

In the financial sector, there are different...
- Advertisement -

You might also likeRELATED
Recommended to you