Blockchain firm Chainyard and the tech giant IBM have recently formed a collaboration to develop a blockchain network in supply chain management. Other organisations involved in the newly derived network include tech giants such as Nokia, Lenovo, Cisco, Vodafone and Schneider electric. American brewing firm, Anheuser-Busch InBev and the pharmaceutical conglomerate GlaxoSmithKline are also founding members of the ‘Trust Your Supplier’ network.
This latest product is yet another to be built on the IBM Blockchain Platform with a primary aim of eliminating the manual time-consuming processes, thus reducing the risk of fraud and errors.
The ‘Trust Your Supplier’ program creates a digital passport for supplier identity on the blockchain which enables its suppliers to share information with selected buyers on the network. The network has been designed so that users can reduce time and costs related with validating and managing their new suppliers.
In discussing the ‘Trust Your Supplier’ network, chief supply officer of Lenovo’s data centre, Renee Ure stated :
Blockchain has the ability to completely transform how companies onboard and manage their supplier network for the future. Through Trust Your Supplier, both buyers and suppliers will see the procurement benefits of blockchain through reductions in cost, complexity and speed.
To date, IBM has over 100 active patents in the states and continues to on-board some of the largest organisations across multiple industries. As reported earlier this year on bexSTREET IBM is already trailblazing pioneering blockchain tech to service the shipping industry and is quickly gaining notoriety for its unique approach to blockchain utilization.