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Nokia, Lenovo And Others Clamouring For Blockchain Benefits From IBM's Latest Network

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  • Nokia, Lenovo And Others Clamouring For Blockchain Benefits From IBM's Latest Network

    Blockchain trendsetter in the enterprise space, IBM, have announcedanother blockchain network designed to improve supplier qualification, validation, onboarding, and life cycle information management.

    In collaboration with Chainyard, the supplier supply chain known as Trust Your Supplier (TYS) looks to be an enticing prospect for major enterprises who are clamouring to drive this new, relevant, use-case for blockchain.

    Anheuser-Busch InBev, GlaxoSmithKline, Lenovo, Nokia, Schneider Electric and Vodafone, all leaders in their respective fields of Tech, Telecom, Pharma, Beverage and Manufacturing Companies, are the founding members of this consortium, ready to reap the benefits of being part of this nascent technology.

    IBM has become a driving force for the growth of blockchain technology, especially in an enterprise arena. This can be seen in other supply chain networks based on the blockchain they have gotten off the ground, such as Food Trust and Trade Lens.

    Both these previous blockchain networks have attracted massive companies on the scale of Nestle, Walmart and Maersk to not only use the technology but help expand its possibility and reach. This has lead to successes in shipping and food tracking for the companies mentioned above, but also growth in blockchain application.

    Now, still dealing with the supply chain, but concerning on-boarding suppliers, IBM is looking to advance the technology and use cases in this arena with huge enterprises excited to be a part of the journey.

    A new use case

    The common goal of TYS is to solve the challenges related to supplier information management. Traditional methods of managing suppliers often involve cumbersome manual processes, which make it challenging 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, TYS is designed to eliminate time-consuming manual processes and help reduce the risk of fraud and errors, which could ultimately create frictionless connectivity across supply chains.

    David Post, Managing Director of IBM Blockchain Ventures, spoke to me about this new journey into the emerging technology, as well as IBM's growing reputation in the space.

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