February 4, 2023

Lenovo, Glaxo, Nokia and other giants join IBM's new blockchain project

Lenovo, Glaxo, Nokia and other giants join IBM's new blockchain project

IBM launched a new blockchain project called Trust Your Supplier (TYS), which included such well-known companies like Anheuser-Busch InBev, GlaxoSmithKline, Lenovo, Nokia, Schneider Electric and Vodafone.

TYS is now joining IBM's supply chain tracking initiative, including Food Trust and TradeLens.

TYS is focused on registering suppliers, andother information, including ISO certificates, bank account information, tax, insurance, and other supplier information required during purchase orders and invoices.

Marie Wieck, general manager of IBM Blockchain, told CoinDesk:

This first cycle in many companies likeusually done manually, even in those that have very efficient supply chains. Constantly attracting new suppliers, especially when new opportunities appear daily, greatly depends on how quickly you introduce new products and services.

TYS is currently limited to a limited number of participants. According to Vick, at the moment it is North America, but the goal is to create a global network.

The key innovation at the core of TYS is"Digital passport" to identify the supplier. Chainyard was helped in developing this aspect of the project by one of the first blockchain partners of IBM, also based on Hyperledger Fabric. Third-party validators such as Dun & Bradstreet, Ecovadis, and RapidRatings provide third-party partners the ability to verify or audit through a passport.

The digital passport is specifically designed for TYS, but, like most other things IBM does, it was designed with plug-in open interfaces in mind.

Thus, some aspects of TYS may alsoBe applicable to TradeLens, the IBM blockchain freight delivery ecosystem launched with Maersk in 2018. Vick claims that there are a number of use cases for document sharing that will be available to TYS.