IBM, Chainyard unveil blockchain-based ‘Trust Your Supplier’ network
IBM and blockchain consultancy Chainyard today announced a new permissioned blockchain-based network designed to improve supplier validation, onboarding and life cycle information management.
Along with IBM, Anheuser-Busch InBev, GlaxoSmithKline, Lenovo, Nokia, Schneider Electric and Vodafone are founding participants in the Trust Your Supplier (TYS) network.
“This blockchain initiative represents a great opportunity for Nokia to further enhance our suppliers’ experience and optimize the onboarding process,” Sanjay Mehta, vice president of procurement for Nokia, said in a statement. “Using the latest technology to address a classical challenge will be of benefit for everyone, and further increase the speed of using innovative solutions.”