IBM and Chainyard are teaming up to develop a blockchain platform that simplifies supply chain management.
The Trust Your Supplier program will improve supplied qualification, validation, onboarding and lifecycle information management. According to CoinGeek, Nokia, Lenovo and Vodafone has contributed to the platform as well.
Trust Your Supplier was developed to avoid the tedious processes that currently surround supplier management. Currently, manual processes are making difficult to track documents, so by putting it through a blockchain platform, companies will have a digital passport for supplier identity.
Blockchain is still a buzz word among the supply chain industry as little tests have shown impactful results. However, the digital ledger has proven to reduce costs and improve efficiency - something that all companies are looking to be better at. IBM ensures the Trust Your Supplier program will have minimal setup costs as it can be integrated on top of companies' existing systems and workflows.