IBM has launched a new supply chain project called Trust Your Supplier (TYS) together with Chainyard, with several big corporate names already signed up, as Vodafone and Nokia, brewer InBev, tech firms Cisco and Lenovo and drugmaker GlaxoSmithKline.
Blockchain has the potential to digitize and streamline the way procurement teams interact with their suppliers in an extremely impactful way with a powerful overlay of trust and validation. TYS solution benefits are not just for procurement organizations, but also for suppliers on the network. By creating a digital identity, suppliers can eliminate redundancy of providing qualification information every time they work with a new buyerSai Nidamarty, CEO, Chainyard
According to the press release TYS has been built to address the pain point of supplier onboarding process using a blockchain network to verify various supply chain information such as purchase orders, insurance, and tax certifications as well as bank account data as well as:
- Eliminates redundant submission of the same information multiple times to different buyers
- Reduced time to first transaction
- Key supplier information verified by trusted 3rd parties
The solution is built using the Linux Foundation’s Hyperledger Fabric open-source blockchain project and hosted on IBM Cloud.