February 20, 2024

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 has launched a new blockchain project called Trust Your Supplier (TYS), among the participants of which are such well-knowncompanies 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 supplier registration, andother information, including ISO certifications, bank account details, tax, insurance and other supplier details required in the process of processing 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 select group of participants. For now, Vick says, it's North America, but the goal is to create a global network.

The key innovation at the heart of TYS is“digital passport” to identify the supplier. One of IBM's first blockchain partners, also based on the Hyperledger Fabric, helped Chainyard develop this aspect of the project. Third party validators such as Dun & Bradstreet, Ecovadis and RapidRatings provide third party partners with the ability to verify or audit via 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.