New ‘Trust Your Supplier’ network attracts major tech, telco, pharma, food, and manufacturing participants
IBM and Chainyard today announced Trust Your Supplier (TYS), a new blockchain network designed to improve supplier qualification, validation, onboarding, and life-cycle information management.
The Lowdown: The effort has already attracted participation from major firms including Anheuser-Busch InBev, Cisco, GlaxoSmithKline, Lenovo, Nokia, Schneider Electric, and Vodafone, according to company officials.
The Details: Built on IBM’s Blockchain Platform and leveraging Chainyard’s services, TYS creates digital passports for supplier identities and allows suppliers to share information with any permissioned buyer on the network. The goal is to reduce time and cost associated with qualifying, validating, and managing new suppliers while creating new business opportunities among suppliers and buyers, officials said.
Third-party validators, such as Dun & Bradstreet, Ecovadis, and RapidRatings, provide outside verification or audit capabilities directly on the network.
The Trust Your Supplier blockchain network can also connect existing procurement business networks by relaying supplier data required for exchanging purchase orders and invoices, without the need for suppliers to enter it in multiple networks.
The Impact: The Trust Your Supplier network is currently in limited availability with existing participants with plans for commercial availability later this year.
The Buzz: “Blockchain has the ability to completely transform how companies onboard and manage their supplier network for the future,” said Renee Ure, chief supply chain officer for Lenovo’s Data Center Group. “Through Trust Your Supplier, both buyers and suppliers will see the procurement benefits of blockchain through reductions in cost, complexity, and speed.”
“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,” said Sanjay Mehta, vice president of procurement at Nokia. “Using the latest technology to address a classical challenge will be of benefit for everyone, and further increase the speed of using innovative solutions.”