IBM and Chainyard announced Trust Your Supplier (TYS), a new blockchain network designed to improve supplier qualification and life cycle information management. This development was reported on 05 August.
IBM started by informing Anheuser-Busch InBev, Cisco, GlaxoSmithKline, Lenovo, Nokia, Schneider Electric and Vodafone were founding participants working alongside. The participants collaborate in the network and share a common goal of solving challenges related to supplier information management. IBM further added that its industry expertise and Chainyard’s product capabilities had brought this solution to market.
IBM cited on the productivity gain offered as –
“Traditional methods of managing suppliers often involve cumbersome manual processes, which make it difficult to verify identities and track documents like ISO certifications, bank account information, tax certifications, and certificates of insurance throughout the lifecycle of a supplier. By using a decentralized approach and an immutable audit trail built on blockchain, Trust Your Supplier is designed to eliminate manual time-consuming processes and help reduce the risk of fraud and errors, ultimately creating frictionless connectivity across supply chains.”
Renee Ure, Chief Supply Chain Officer for Lenovo’s Data Center Group expressed that blockchain has the potential to completely transform how companies onboard and manage their supplier network. Renee summarized that through Trust Your Supplier, both buyers, and suppliers would witness the procurement benefits of blockchain. Such advantages would be through reductions in cost, complexity, and speed.
IBM asserted that Trust Your Supplier creates a digital passport for supplier identity on the blockchain network. Such a system allows suppliers to share information with any permissioned buyer on the network. IBM maintained that blockchain ensures a permissioned based data-sharing network. The computing giant noted that this should help reduce the time or cost associated with qualifying, validating and managing new suppliers.
ORGANO announced that it has joined a blockchain-enabled global ecosystem for the food industry. By leveraging the solution, ORGANO is endeavoring to achieve authentic trust into every ORGANO product. ORGANO conveyed that the new platform was christened as “ORGANO Products Trust”. ORGANO added that the offer was launched with the introduction of the first batch of 5 top-selling ORGANO products.
IBM wrapped up by informing that it has over 18,500 suppliers around the world and would begin using the Trust Your Supplier network. IBM emphasized that initially, it would onboard 4,000 of its own North American suppliers. IBM added that its procurement projects a fairly large percent reduction in cycle time to onboard new suppliers.