(Yicai Global) April 9 -- China’s biggest truck manufacturer Beiqi Foton Motor Co., a unit of auto giant Beijing Automotive Industry Holding Co., has enlisted the fintech subsidiary of Chinese home appliance spare parts maker HyUnion Holding Co. to provide blockchain solutions to boost its smart manufacturing capacity and improve customer experience.
The Beijing-based commercial vehicle maker will tap Union Mobile Financial Technology Co., also based in China's capital city, to assist with the creation of a blockchain-based industrial internet platform to strengthen intelligent manufacturing, it said in a statement.
Blockchain, a digital ledger which holds public records of transactions, is best known for its role in cryptocurrencies but has a wide array of uses. Despite shutting down local virtual currency exchanges, China is keen to press on with blockchain development and included the sector in a national strategy document as part of its five-year plan for 2016.
Foton also aims to achieve large-scale customized services for its customer, while also utilizing big data and cloud technologies.
The two parties will also collect, store and share information from the research and development and manufacturing units to build an automotive big data network and connect Foton vehicles with internet platforms, the announcement added.
UMF Technology will provide Beiqi Foton with payment and information services solutions to help it to reduce transaction processing costs and establish a convenient and safe system for its customer. The pair will also work together on consumer finance products.