Westpac reveals plans for blockchain procurement project

The Sydney-headquartered bank, Westpac, has announced plans for the world’s first proof-of-concept for procurement, trade, and inventory management.

The firm’s platform concept combines Internet of Things (IoT) sensors, data analytics, artificial intelligence (AI), and blockchain, the Australian Financial Review reported.

The platform will be used to predict demand and price changes for goods, with blockchain being used to create smart contracts.

“I want Westpac to be seen as a thought leader in this space,” Didier Van Not, General Manager of Corporate and Institutional Banking at Westpac, told the Australian Financial Review.

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“I'm looking to automate as much as I can at Westpac over time and utilise more data analytics and offer services like this to more of our institutional clients.”

“Corporate Australia is crying out for insights about their businesses, and the data we have about their sectors can have such a big impact and be packaged in such a way that we can provide more insights. It's not about selling the data, but generating insights.”

The bank has partnered with the Indian technology and consulting firm, Infosys, to develop the innovative system.

The platform, which took three months to develop, has been constructed on R3 Corda blockchain technology.