Westpac-proof of concept wins tech buzzword bingo

Westpac has launched a proof of concept in which four of the most talked-about technologies of the day are combined: data analysis, artificial intelligence, Internet of Things and blockchain.

In what is the trade finance team of Westpac Institutional Bank a & # 39; global first & # 39; said, the pilot tries to accurately predict the demand for products, optimize stock levels, identify the best time and place to buy and the purchasing and settlement process in & # 39; a fully digital market & # 39; to complete. way".

The proof of concept application solves a number of business issues, the bank said, including demand and price prediction, inventory management, forecasts and tracking.

The Internet of Things element of the POC follows inventory levels and offers real-time information, data analysis and artificial intelligence to predict demand and price levels, while blockchain creates smart contracts and executes orders.

Westpac worked with supplier of reinforcing steel Ausreo and Infosys, a consultancy company for digital transformations in the project. The purchase system part of the POC is made on R3 Corda blockchain technology. The bank is a member of the R3 consortium of global financial institutions, which conducts research into block-house use in the financial system.

Source link

Leave a Reply