blockchain-based supply chain manager Sichuan Hejia and IBM have launched the Yijian Blockchain Technology Application System, a China-based business network aimed at speeding up payment time for pharmaceutical firms supplying hospitals. Under the current system, it can take between 60 and 90 days for pharmaceutical retailers to be paid, but by combining transparency and security offered by China with credit services from banks payment periods can be reduced to 48 hours; a considerable benefit for SMEs. In the future, the platform could be extended to cover more industries, including participating companies and financial institutions.
China-based supply chain manager Sichuan Hejia and IBM have launched the Yijian Blockchain Technology Application System, a blockchain-based business network aimed at speeding up payment time for pharmaceutical firms supplying hospitals. Under the current system, it can take between 60 and 90 days for pharmaceutical retailers to be paid, but by combining transparency and security offered by blockchain with credit services from banks payment periods can be reduced to 48 hours; a considerable benefit for SMEs. In the future, the platform could be extended to cover more industries, including participating companies and financial institutions.