Blockchain Company Chainyard and IBM have jointly developed a new blockchain network for supply chain management. IBM announced on Aug. 5 about the platform in a press release shared with Cointelegraph.
Alongside with tech giant IBM, among the Trust Your Supplier network’s founding members are American brewing company, Anheuser-Busch InBev, and other tech companies are Nokia, Cisco, Lenovo, Schneider Electric, GlaxoSmithKline and the telecoms company Vodafone. The product is basically built on the IBM Blockchain Platform that aims to eliminate the manual time consuming processes and also help reduce risk of fraud and errors.
Trust Your Supplier creates a digital passport for the supplier identity, on the blockchain network, as per the release, that also enables the suppliers to share information with selected buyers on the network.
The users purportedly can reduce the time and cost, that is associated with qualifying, validating and managing new suppliers, by deploying the platform. The chief supply chain officer for Lenovo’s data center group, Renee Ure said that “the Blockchain has the ability to completely transform, how companies onboard to manage their supplier network for the future. By using, Through Trust Your Supplier, both the suppliers and buyers will be able to see the procurement benefits of blockchain by reducing the cost, the complexity and the speed.”