The convergence of blockchain and artificial intelligence (AI) has unleashed a realm of unparalleled possibilities, expanding their applications across diverse industries, including the automotive space.
On Thursday, July 27, South Korean car giants Hyundai Motor Company and Kia Corporation announced a blockchain-focused partnership to help further enhance carbon emissions management.
Two companies unveiled their AI-enabled, blockchain-based Supplier CO2 Emission Monitoring System (SCEMS) with the aim of supporting a more sustainable supply chain. Based on blockchain, the system’s focus is on assuring secure and accurate carbon emissions data collection.
“Supplier CO2 Emission Monitoring System unlocks a revolutionary approach to managing carbon emissions and combating climate change, ushering in a new era of sustainable supply chain within our cooperative network.”
– said Seung Hyun Hong, Head of Materials Research and Engineering Center at Hyundai Motor and Kia.
SCEMS uses AI to allow for more accurate emission projections
In addition to blockchain, the system also uses the power of AI technology to enable the accurate projection of future emissions.
The two automotive giants said they already used the system to verify its effectiveness, which resulted in both adopting the technology. One of the bigger aims of the SCEMS project was to relieve suppliers from the time- and cost-consuming work of forecasting future emissions. Moreover, blockchain and AI technology can better monitor and manage the collected data than the prior solutions.
“We stand proudly at the forefront of this transformative journey, collaborating with our partners to shape a greener and brighter future for all.”
– Hong added.
Hyundai and Kia said that the system showed it can reliably manage generated carbon emission data, as well as provide needed security. The entire supply chain is covered – from raw material procurement to manufacturing processes, and product transportation.
“The implementation of blockchain technology to manage carbon emissions is a significant step toward promoting sustainable practices in the industry.”
– the two companies further added in the press release.
Hyundai is one of the world’s largest car manufacturers and it owns brands such as Genesis and Kia.
Source: https://finbold.com/auto-giants-hyundai-kia-unveil-ai-and-blockchain-based-co2-monitoring-system/