IBM and Chainyard have lately announced about their new blockchain enterprise. The target of the enterprise is to solve the problem related to the life cycle information, validation, and supplier qualification.
On Monday the duo has unveiled their blockchain initiative called Trust Your Supplier. The new blockchain project will be presented on the blockchain platform of IBM and will be accessible from the IBM cloud.
Some of the big names of the information technology industry has participated in the initiative. Companies like Anheuser-Busch InBev, GlaxoSmithKline, Lenovo, Nokia, Schneider Electric and Vodafone have already boarded the project as founding members.
As per the official announcement, companies like Dun & Bradstreet, Ecovadis and RapidRatings will be providing audit capabilities or outside verification to the project directly on the network.
TYS is developed to eliminate the time consuming and elaborate process that is being followed to track and verify the documents. TYS will address these challenges and help in reducing risk and fraud. It will also create frictionless connectivity in the supply sequence.
As per the declaration, it will create a passport for identification of the supplier on the blockchain platform. Because of this supplier can get connected with the customer on the blockchain network and share information with them on the network. It is expected that it will also help to decrease the fee associated with validating, qualifying, and managing new supplier. It will also create new commercial prospects for buyers and suppliers.
Renee Ure, the data centre head of Lenovo, has said blockchain could completely transform the way how the companies onboard and manage their supplier connections for the future. He further said through TYS both the supplier and the buyer would be benefitted with the reduction in the complexity, cost, and speed.
Presently IBM has 18,500 traders around the globe and will be using TYS initially for its suppliers. It will start the procedure by onboarding 4000 North American suppliers within the upcoming few months.
The existing participants of TYS can use the network presently, but the company is planning to make it available commercially later this year.