In recent developments, IBM and Chainyard blockchain have launched a blockchain-powered platform ‘Trust Your Supplier’ (TYS) expanding blockchain sphere,
The platform ensures simplifying the management of the supply chain, verification of suppliers, and the onboarding process.
Within a couple of months, IBM is planning to bring its four thousand (4000) suppliers from North America onto this newly launched network, hence; gaining a competitive edge in the supply chain management’s sector.
The new platform, ‘Trust Your Supplier’ already has a huge list of participants, including leading firms. The list of firms includes esteemed names such as the Drink Company Anheuser-Busch InBev; the hardware company Cisco, the pharmaceutical company GlaxoSmithKline, computer manufacturers Lenovo, telecommunication company Nokia, France-based Schneider Electric and London-based telecommunication company Vodafone. The objective of TYS is to revolutionize the customary ways of supplier management.
Presently, these traditional processes lack automation, and this has made it a burdensome task to manage the intricate areas of documentation. This includes tracking shipment, International Standards Organization Certification, information of bank accounts, and other documentation.
Moreover, it is expected from TYS to establish an audit trail that is immutable on blockchain and will reduce the inefficiencies that are presently prevalent in the industry. The company is hoping to cause a reduction in the errors and the fraud risks and will likely make IBM the industry-leading supply chain Distributed Ledger Technology.
Currently, the TYS network has limited availability, and it will be commercially launched in the third quarter of 2019.
Presently, IBM has over eighteen thousand and five hundred (18,500) suppliers all around the globe; however, it is planning to onboard around four thousand (4000) from North America in the upcoming months, expanding blockchain sphere by many folds.