Breaking News

Microsoft Works on New Windows logo and App Icons US, China Have Reached a Deal NHTSA to Examine Tesla Crash Possibly Caused by Autopilot AT&T Left FCC's Internet Speed Measuring Program After Poor Results Chinese Zhaoxin Says it Will Ship 7nm Processors by 2021

logo

  • Share Us
    • Facebook
    • Twitter
  • Home
  • Home
  • News
  • Reviews
  • Forum
  • Legacy
  • About
    • Submit News

    • Contact Us
    • Privacy

    • Promotion
    • Advertise

    • RSS Feed
    • Site Map

Search form

IBM, Other Companies Develop New "Trust Your Supplier" Blockchain Network

IBM, Other Companies Develop New "Trust Your Supplier" Blockchain Network

Enterprise & IT Aug 5,2019 0

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.

Anheuser-Busch InBev, Cisco, GlaxoSmithKline, Lenovo, Nokia, Schneider Electric and Vodafone are founding participants alongside IBM in the network and share a common goal of solving challenges related to supplier information management. IBM's industry expertise and Chainyard's product capabilities building on IBM Blockchain Platform have brought this solution to market.

Traditional methods of managing suppliers often involve cumbersome manual processes, which make it difficult to verify identities and track documents like ISO certifications, bank account information, tax certifications, and certificates of insurance throughout the lifecycle of a supplier. By using a decentralized approach and an immutable audit trail built on blockchain, Trust Your Supplier is designed to eliminate manual time-consuming processes and help reduce the risk of fraud and errors, ultimately creating frictionless connectivity across supply chains. By 2023, blockchain will support the global movement and tracking of $2 trillion of goods and services annually, according to technology research firm Gartner Inc.

"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 the see the procurement benefits of blockchain through reductions in cost, complexity and speed."

Trust Your Supplier creates a digital passport for supplier identity on the blockchain network that allows suppliers to share information with any permissioned buyer on the network. Blockchain ensures a permissioned based data sharing network. This should help reduce the time and cost associated with qualifying, validating and managing new suppliers while creating new business opportunities among suppliers and buyers. 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 necessary supplier data required for exchanging Purchase Orders and invoices, without the need for suppliers to enter it in multiple different networks and automating on-boarding process to those networks. The IBM Supply Chain Business Network can connect to Trust Your Supplier using open industry programming interfaces for access to existing verified supplier information.

IBM has over 18,500 suppliers around the world and will begin using the Trust Your Supplier network initially onboarding 4,000 of its own North American suppliers over the next few months. IBM Procurement projects a 70 to 80 percent reduction in the cycle time to onboard new suppliers, with a potential 50 percent reduction in administrative costs within its own business.

The Trust Your Supplier network is currently in limited availability with existing participants with plans for commercial availability later in Quarter 3 of 2019. TYS is built on the IBM Blockchain Platform hosted on the IBM Cloud.

Tags: IBMBlockchain
Previous Post
Lenovo and Intel Announce Multiyear Collaboration on HPC and AI
Next Post
NEC Demos Flying Car Concept

Related Posts

  • AMD Joins the Blockchain Game Alliance to Promote Development of Blockchain-based PC Gaming

  • IBM’s Project Debater Debated With Itself About AI

  • IBM Develops Financial Services-Ready Public Cloud

  • Samsung, IBM Launch Platform to Improve Safety for first Responders, Manufacturing Plant Workers

  • Samsung Announces the Blockchain Platform SDK For Developers

  • China Approves Cryptography Law to Accelerate Digital Currency Plan

  • Researchers Present Efficient Distributed Deep Learning System For Automatic Speech Recognition

  • HTC Unveils the More Affordable Exodus 1s Cryptophone

0 Comments

Leave a Reply

More information about text formats

Filtered HTML

  • Web page addresses and e-mail addresses turn into links automatically.
  • Allowed HTML tags: <a> <em> <strong> <cite> <blockquote> <code> <ul> <ol> <li> <dl> <dt> <dd>
  • Lines and paragraphs break automatically.

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

BBCode

  • No HTML tags allowed.
  • You may use these tags: [abbr], [acronym], [b], [center], [code], [color], [define], [font], [h1], [h2], [h3], [h4], [h5], [h6], [hr], [i], [img], [justify], [left], [list], [node], [php], [quote], [right], [s], [size], [sub], [sup], [u], [url], [wikipedia], [youtube], [align], [link], [ol], [ul]
  • Lines and paragraphs break automatically.
CAPTCHA
This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Enter the characters shown in the image.

Latest News

Microsoft Works on New Windows logo and App Icons
Enterprise & IT

Microsoft Works on New Windows logo and App Icons

US, China Have Reached a Deal
Enterprise & IT

US, China Have Reached a Deal

NHTSA to Examine Tesla Crash Possibly Caused by Autopilot
Enterprise & IT

NHTSA to Examine Tesla Crash Possibly Caused by Autopilot

AT&T Left FCC's Internet Speed Measuring Program After Poor Results
Enterprise & IT

AT&T Left FCC's Internet Speed Measuring Program After Poor Results

Chinese Zhaoxin Says it Will Ship 7nm Processors by 2021
PC components

Chinese Zhaoxin Says it Will Ship 7nm Processors by 2021

Popular Reviews

Zidoo Z9S 4K Media Player review

Zidoo Z9S 4K Media Player review

CeBIT 2005

CeBIT 2005

Club3D HD3850

Club3D HD3850

CeBIT 2006

CeBIT 2006

LiteOn iHBS112 review

LiteOn iHBS112 review

Crucial P1 NVMe 1TB SSD review

Crucial P1 NVMe 1TB SSD review

Hitachi DZ-MV100A DVD Camcorder

Hitachi DZ-MV100A DVD Camcorder

Toshiba Exceria M303 64GB and M501 Exceria Pro 64GB MicroSDXC review

Toshiba Exceria M303 64GB and M501 Exceria Pro 64GB MicroSDXC review

  • Home
  • News
  • Reviews
  • Forum
  • Legacy
  • About
    • Submit News

    • Contact Us
    • Privacy

    • Promotion
    • Advertise

    • RSS Feed
    • Site Map
  • About
  • Privacy
  • Contact Us
  • Promotional Opportunities @ CdrInfo.com
  • Advertise on out site
  • Submit your News to our site
  • RSS Feed