A new blockchain network, called Trust Your Supplier,
announced by IBM and Chainyard aims to enhance the entire supply chain
management process, from qualification to validation and onboarding.
An all-start cast of major multinational
organisations, including Anheuser-Busch InBev, Cisco, GlaxoSmithKline, Lenovo,
Nokia, Schneider Electric, and Vodafone, are the founding participants.
The Trust Your Supplier network creates a digital
passport for supplier identity on the blockchain network, allowing suppliers to
share information with any permissioned buyer on the network. This reduces the
time and cost linked to qualifying, validating and managing new suppliers while
creating new business opportunities among suppliers and buyers. Moreover, third-party
validators, such as Dun & Bradstreet, Ecovadis, and RapidRatings provide
outside verification or audit capabilities directly on the network.
Currently, the Trust Your Supplier network is in
limited availability with existing participants, with plans for commercial
availability later in the third quarter of 2019.
This is by no means the only collaboration IBM is
involved with in this arena. Last
month the company worked with the Scentre Group, Westpac, Commonwealth
Bank, and ANZ, to launch a live blockchain pilot for Lygon — a blockchain-based platform that digitises
the issuance and management of bank guarantees in the retail property lease
industry. The pilot was started on 3 July and will run for eight weeks with
live data and transactions for a retail leasing customers’ trade group. Lygon
is also planning to extend its range of digitised bank guarantees that support
In March, IBM had announced the availability of its Blockchain World Wire payments network in more than fifty countries. The solution is claimed to be the world’s first blockchain network to integrate payment messaging, clearing and settlement on a single unified network.
Interested in hearing more in person? Find out more at the Blockchain Expo World Series, Global, Europe and North America.
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Credit: Blockchain News