, the global tech giant that employees more than 3,000 people across the island of Ireland
, has partnered with Hejia, a Chinese supply chain management company, to develop a new blockchain
-based platform that has the potential transform supply chain finance for the pharmaceutical industry.
Based on the Linux Foundation's open source Hyperledger Fabric
, the Yijian Blockchain Technology Application System is a permissioned blockchain platform that has been specifically designed to help eliminate some of the financing challenges in the pharmaceutical industry.
By tracking drugs through the supply chain and encrypting transaction records, the transparency of the blockchain
can help establish the authenticity of pharmaceutical transactions. This can in turn serve to lower the credit risk of pharmaceutical retailers, meaning they can be offered better payment terms.
Doctor Shen Xiaowei, director of IBM Research China said: "Blockchain can fundamentally transform businesses by eliminating inefficiencies, speeding up transactions and enabling innovative new business models. The Yijian Blockchain Technology Application System we've built with Hejia is a great showcase of this capability. We look forward to continued collaboration with Hejia to apply this technology to other industry use cases."
IBM is now the leading developer of open source
blockchain solutions built for the enterprise. "IBM offers an enterprise-grade blockchain platform built on the Hyperledger Fabric
that helps clients define and develop new industry use cases," explained Gregor Pillen, Managing Partner, IBM Greater China Group Global Business Services. "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."