Chainyard and IBM have partnered to create a new blockchain system for supply chain management with the purpose of improving onboarding, supplier validation, and life cycle information management. The information comes from a official news report by IBM.
The name of the blockchain network is Trust Your Supplier. The entire system is primarily focused on helping enterprises of different sizes better manage their supply chains.
IBM is not the only “star” in the project. Other partners on the project include: Nokia, Cisco, Anheuser-Busch InBev, GlaxoSmithKline, Vodafone and more.
The major problems with the supply chain management systems is that many of the processes involved require loads of manual work such as verifying identities and tracking documents. The new system will enable the entire process to be decentralized and an audit trail to be used.
The founding partners on the project also seem excited about the prospects of Trust Your Supplier. This is what some of they 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. (chief supply chain officer for Lenovo, Renee Ure.
Working with IBM and Chainyard on this blockchain initiative represents a great opportunity for Nokia to further enhance our suppliers’ experience and optimize the onboarding process. (vice president procurement at Nokia, Sanjay Mehta.
More about IBM and blockchain can be found here: