Blocko successfully deploys blockchain-based document management system for Hyundai-Kia Motors
Reduced costs, improved efficiency, as well as scalability to resolve compliance issues around fraud and forgery protection.
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CCTV News — Blocko, an IT startup based in South Korea that builds AERGO, announces that it has successfully deployed a blockchain-based security contract and e-document management system for Hyundai-Kia Motors to help reduce costs and increase security around document management. The system has been running for multiple months now and, in recent news, monumentally operates for all internal and external employees of Hyundai-Kia Motors. Cost savings from the blockchain solution are estimated to be around a net of hundreds of millions of dollars per year. Research conducted alongside partners such as ETRI has concluded that an integration of a public chain, such as the AERGO chain, would provide a significant increase in cost reductions.
Currently, most companies use an electronic document management solution (EDMS) for in-house document management and operate a certified electronic document management system (AKA “public service station”). Blocko built a blockchain-based integrated document management system for Hyundai-Kia Motors to solve the problems of existing paper document management systems. The platform was developed to reduce costs, scale out the backend infrastructure, increase system security and reliability, and integrate distributed networking technology across the whole company to reduce corporate fraud. The solution takes on the shortcomings and constraints of the existing paper-based system through an electronic document solution (EDMS, authorized electronic document repository).
The blockchain-based document management system allows employees at Hyundai-Kia Motors signing and viewing of pledge documents as well as permanent forgery protection and non-repudiation. The system was built in the form of a private blockchain platform based on distributed nodes in three locations of Hyundai-Kia Motors’ IDCs and is scheduled to link with a public blockchain where the possibility of hacking is significantly lower as a secondary notarization effect, and the impact of immutability is strengthened even further. Blocko’s blockchain-based document management system is built and operated while remaining cost-effective through integrating key functions such as original proof and user authentication based on an electronic document management solution (EDMS).
A blockchain-based system is more cost-effective for data storage and archiving because it can utilize a conventional disk drive with a hash value that includes both point-of-view verification values and critical information. Blocko’s blockchain-based system provides PKI digital signatures to enhance scalability. The ECDSA algorithm, provides a similar level of security with a much smaller length of key compared to traditional algorithms such as RSA, and has a fast processing capability. The blockchain also constitutes top-level certification authority (Root CA) to ensure the legal effect of non-repudiation. This is particularly advantageous, in that it provides consistency in the availability of the entire service even if one IDC installed with a particular blockchain node is attacked. In addition, software encryption and hardware encryption are combined to provide additional security.
Security contracts written by all employees at the time of entering or promoting are sourced and managed by a blockchain-based system built in the form of a private blockchain platform on distributed nodes.
Hyundai Motors’ Ulsan plant is expanded to operate as a memorandum of understanding for external visitors. In keeping with the internal regulations, the paper-based letter of commitment, which had to be kept for several years, was operated on a blockchain basis, securing security and scalability, and significantly reducing storage costs. The project was built in the form of a private blockchain platform that can be linked to existing groupware on nodes. This blockchain-based document management system has been successfully established and operated. Recently, a project to expand the network to 14 affiliates of Hyundai Motor Group including Hyundai AutoEver has started and is underway.
About Blocko and AERGO
Blocko is a well-funded, Samsung-backed commercial blockchain startup offering multinational organizations the ability to design, deploy, and manage digital services on a secure distributed network. Enterprise-IT integration and cloud deployment know-how are at the core of its value proposition. The company provides a stable and secure blockchain operating system and an easy-to-use development platform with stable APIs.
Blocko builds and supports AERGO which takes Blocko’s battle-tested technology to the next level by morphing it into an entire end-to-end open-source platform based around a hybrid blockchain design. AERGO allows businesses to build innovative applications and services by sharing data on a trustless and serverless IT ecosystem.
About Hyundai Motor Group
The Hyundai Motor Group is a South Korean multinational conglomerate headquartered in Seoul, South Korea, and it is the largest car manufacturer in the country. According to the Organisation Internationale des Constructeurs d’Automobiles, it was the world’s third-largest vehicle manufacturer by production volume in 2016, behind Japanese Toyota and German Volkswagen Group.
