Copy link
Increase text size
Decrease text size
Link copied

BMW rolls out blockchain solution to drive supply chain transparency

Image by Pexels from Pixabay

Sat, 04 Apr 2020, 07:27 am UTC

Luxury vehicle company BMW Group uses blockchain to drive supply chain transparency.

In a press release, BMW Group announced that it has been using innovative digital technologies to optimize its processes like blockchain technology. It uses blockchain in purchasing to ensure the traceability of the item it purchases. In 2019, the company conducted a successful pilot project for purchasing front lights and this year it wants to expand the project to a large number of suppliers.

BMW Group also announced that it initiated the “PartChain” project that aims to trace the parts and critical raw materials in complex international supply chains more or less “at the push of a button” and targets industry-wide solutions for secure data sharing.

“PartChain enables tamper-proof and consistently verifiable collection and transaction of data in our supply chain,” said Wendt. “This move is designed to take the digitalisation of purchasing at the BMW Group to the next level. Our vision is to create an open platform that will allow data within supply chains to be exchanged and shared safely and anonymised across the industry.”

BMW’s PartChain uses Cloud technologies in addition to Blockchain solutions. It allows the origin of components to be tracked between all participating partners without any risk of manipulation.

BMW Group also co-founded the Mobility Open Blockchain Initiative (MOBI) in 2018, a cross-industry initiative comprising 120 leading automotive, mobility and technology companies. Within MOBI, BMW heads a working group on supply chain issues and its members share the same goal of helping blockchain technology advance in the mobility sector.

“We want to share our PartChain approach with the initiative and invite interested companies to join the initiative,” explained Wendt.

In October 2019, leading automakers like Ford, GM, Groupe Renault, Honda and BMW joined together and developed a multi-stakeholder Proof of Concept (PoC) for a blockchain-based Vehicle Identity (VID). The project is carried out under MOBI, a non-profit organization that aims to make transportation safer, more affordable and more widely accessible by leveraging blockchain technology.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $13,721.10 (+1.29%)
  • Ethereum (ETH) $387.04 (+1.10%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $261.73 (-0.04%)
  • Chainlink (LINK) $11.25 (+1.38%)
  • Bitcoin (BTC) $13,721.10 (+1.29%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft