Lenovo, Nokia, Anheuser-Busch InBev, etc., have joined IBM's latest blockchain project

According to Coindesk's August 6 report, IBM has just launched a new blockchain project called "Trust Your Supplier" (TYS), Lenovo, Nokia, Anheuser-Busch InBev, GlaxoSmithKline, Schneider Electric and Vodafone Join the project.

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IBM announced on Monday that TYS has joined IBM's Traceability Supply Chain and Logistics Blockchain Alliance, which also includes Food Trust and Tradlens.

TYS covers a wide range of supplier information, including ISO certification, bank account data, tax certification, insurance certificates, transaction purchase orders and other supplier data required for invoices.

IBM's blockchain general manager Marie Wieck told CoinDesk:

Many companies, even those with efficient supply chains, require a lot of manual work when reviewing and validating suppliers. Getting a new supplier to quickly join a supplier list is critical to a company's rapid introduction of new products and services.

Renee Ure, the chief supply chain officer of Lenovo Data Center Group, echoed this view in a statement, saying:

Through TYS, buyers and suppliers will see the benefits of blockchain for corporate sourcing by reducing costs, complexity, and speed of collaboration.

Under normal circumstances, the enterprise blockchain project is relatively slow to move from concept verification to pilot projects to production.

However, in this case, IBM directly introduced a fully formed blockchain product.

IBM has begun working internally with its purchasing department to manage 4,000 of its 18,500 suppliers through the use of blockchain. IBM said it expects the new supplier's franchise cycle to be shortened by 70% – 80%, and its own business management costs may be reduced by 50%.

TYS is currently limited to existing players and is scheduled to enter commercial operations in the third quarter of this year. Wieck said that at present, its use is limited to North America, but its ultimate vision is to build a global network.

Building a network of supplier networks

At the heart of TYS's innovation is a “digital passport” that creates a supplier identity.

The early IBM blockchain partner Chainyard, also built on the Hyperledger Fabric, helped design digital passports. Third-party verification programs, such as Dun & Bradstreet, Ecovadis, and RapidRatings, provide suppliers with external verification or auditing capabilities through digital passports.

Wieck said that the digital passport was specifically tailored for TYS, and it was created with a pluggable open interface. Therefore, TYS is also available for TradeLens. TradeLens is a freight blockchain ecosystem jointly launched by IBM and Mars based on 2018. According to Wieck, there are many document sharing use cases, such as the invoice settlement, factoring and invoice dispute resolution being developed by TradeLens, which can be extended through TYS's supplier network.

Wieck explained at the end:

We have been discussing the concept of interoperability between blockchain networks, and the concepts we envision can be extended to these economic forms.