Tech mammoth IBM and blockchain firm Chainyard have jointly created a new blockchain network for supply chain administration. IBM revealed the platform in a press release on August 5.
Aside from IBM, the Trust Your Supplier network’s founding individuals are also American brewing company Anheuser-Busch InBev, tech companies Cisco, Nokia, Lenovo, Schneider Electric, British pharmaceutical firm GlaxoSmithKline and telecoms firm Vodafone. The product is developed on the IBM Blockchain Platform and intends to avoid time-consuming manual methods and offer assistance to decrease the risk of fraud and errors.
According to the release, Trust Your Supplier makes a digital passport for supplier identity on the blockchain network that empowers providers to share data with chosen buyers on the network. By implementing the platform, clients reportedly can decrease the time and cost related to qualifying, validating, and overseeing new suppliers. Chief supply chain officer for Lenovo’s data centre group, Renee Ure, said:
“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.”
The Trust Your Supplier network thus joins a cluster of other blockchain-based ventures from IBM. In mid-July, the firm tripled the number of blockchain patents secured within the United States since last year, bragging more than 100 active patent families.
Also in July, American tech mammoth Seagate, in collaboration with IBM, entered the pilot phase of its blockchain venture intended to battle fake hard disk drives (HDD). The project plans to assist producers, integrators and business partners to better confirm the provenance of HDDs by utilizing IBM’s Blockchain Platform.