Earlier this week, IBM (NYSE: IBM) and Sichuan Hejia Co., Ltd. (Hejia) announced they have collaborated to launch a new blockchain-based supply chain financial service platform specifically for pharmaceutical procurement. The companies confirmed that the new service is to help improve efficiency, transparency, and operation of supply chain finance.
The companies confirmed that the Yijian Blockchain Technology Application System is a permissioned blockchain platform that uses Hyperledger Fabric. It is in production with Hejia and one pharmaceutical retailer, a hospital and a bank running business transactions. Hejia confirmed that it is planning to expand the platform to include multiple pharmaceutical retailers, hospitals, and banks this July and the system is designed to help eliminate some of the financing challenges in the pharmaceutical industry. Leng Tianhui, Board Chairman of Hejia, stated
“The launch of the supply chain financial services platform marks a milestone for the cooperation between Hejia and IBM on the innovative application of blockchain technology. In the future, the platform will expand to include more industries to provide participating companies and financial institutions with transparent and efficient financing services built on blockchain-based innovation in a business model that will contribute to China’s economic development.”
The companies also noted that the launch of the blockchain platform also marks the successful business transformation of Hejia. IBM has reportedly helped Hejia by providing insights from analyzing the supply chain finance industry and the financing conditions facing pharmaceutical retailers. Gregor Pillen, Managing Partner, IBM Greater China Group Global Business Services, added:
“IBM offers an enterprise-grade blockchain platform built on the Hyperledger Fabric that helps clients define and develop new industry use cases. We have a deep understanding of various industries and leading technologies that we use to help resolve enterprise clients’ business challenges while finding growth opportunities so that they can help contribute to China’s economic transformation.”