IBM announced on an Aug. 5 press release that it had entered into a joint partnership for the purpose of developments of a new supply chain management blockchain network
As far as the Trust Your Supplier network is concerned, IBM is not the only founder, there are also other founding members like Anheuser-Busch InBev (American brewing company), GlaxoSmithKlineBritish (pharmaceutical company), telecoms company Vodafone and tech companies Nokia, Cisco, Lenovo, and Schneider Electric.
The aim of the IBM Blockchain Platform-based product is to eliminate manual time-consuming processes as well as to minimize the risk of errors and fraud.
With Trust Your Supplier, suppliers will be able to share information with selected buyers on the blockchain network through a digital passport that ascertains the identity of the supplier.
Evidently, the time and cost for qualifying, validating as well as managing new suppliers is extensively reduced with the deployment of the platform.
Lenovo’s data center group chief supply chain officer Renee Ure made the following statements:
“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.”
Expanding the blockchain projects
The Trust Your Supplier network has become another IBM blockchain-based project. In addition, the number of blockchain patents secured in the United States since 2018 tripled in mid-July, where there were more than active patent families.
Just last month, Seagate — American tech giant — decided to collaborate with IBM to pilot stage its blockchain project in an effort to combat counterfeit hard disk drives (HDD) from penetrating the market. With the project, business partners, manufacturers, and integrators will use IBM’s Blockchain Platform to better authenticate the HDDs provenance.