According to foreign media reports, on Monday, US International Business Machines Corporation (IBM) announced that it will launch a new blockchain network designed to improve manual operations and cumbersome supply chain management.
It is understood that the blockchain network launched by IBM is called Trust Your Supplier (TYS believes in your supplier), which is a blockchain-based platform for simplifying supply chain management, supplier verification and entry. In the coming months, IBM plans to include 4,000 of its North American suppliers in this new network, potentially gaining an edge in supply chain management.
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Trust Your Supplier
It is understood that supply chain management includes monitoring the flow of goods and services, such as tracking the movement and storage of raw materials, stocks and finished products. Currently, supply chain management has been identified as an area that can benefit from blockchain technology.
Technology research firm Gartner said that by 2023, the blockchain will support the flow and tracking of $2 trillion in goods and services worldwide each year.
The emergence of TYS is another major development in the giant supply chain network.
According to Bob Murphy, IBM's vice president and chief procurement officer, TYS is a cross-industry blockchain sourcing network. TYS works by creating a digital passport that allows suppliers to share information with any licensed buyer on the web. . Third-party validators, such as Dun & Bradstreet, Ecovadis, and rapidrating, provide external authentication or auditing capabilities directly on the network.
By using a decentralized approach and blockchain-based immutable audit trails, IBM said the new network will eliminate manual time-consuming processes and help reduce the risk of fraud and errors.
Marie Wieck, general manager of the IBM blockchain, said in an email to Reuters, "The confirmation and addition of new suppliers is a key pain point for any company that relies on a strong supply chain."
“By moving this process to the blockchain, we will take most of the burden and transfer it to the network, which can be shared more securely and efficiently in real time on the network.”
Wieck said that IBM's own procurement organization expects that the time required for new suppliers to join the company will be reduced by 70% to 80%, and the company's internal management costs are expected to be reduced by 50%.
It is understood that the introduction and participation of TYS is not only IBM, in addition to IBM, other founding participants are Anheuser-Busch InBev, Cisco, GlaxoSmithKline, Lenovo, Nokia, Schneider Electric and Vodafone.
Suppliers, buyers and certifiers
It is worth mentioning that in addition to reducing costs, IBM also listed the impact that TYS can have on suppliers, buyers and certifiers.
- Eliminate redundant collections and multiple submissions of the same information to different buyers
- Reduce time for new buyers and first order
- Increased trust in user identity on the web through third-party verification and up-to-date information
- Provides instant access, real-time updates and a fraction of the cost of current supplier data
- Significantly streamlined current technology and processes, reducing supplier approval cycles
- Minimize supplier risk and ensure compliance
- Easy and reliable access to supplier compliance data
- Provide credibility and compliance for network members
- Increased opportunities for visibility across the entire buyer and supplier network
In this regard, D&B Global Supply and Compliance Leader Brian Alster said, “We believe that blockchain-based solutions can bring great value to procurement – ensuring trust, improving efficiency, and reducing supplier qualification decisions. Related risks."
“We are very pleased that our credible data is part of this ecosystem and we can work with IBM, the leader in blockchain technology, to help change this important process and provide greater transparency to all participants in the network. value."
Obviously, not only IBM, but also many cooperative companies, have repeatedly emphasized the advantages of data transparency, trust, cost savings and high efficiency brought by blockchain technology. In their view, “blockchain” The ability to revolutionize the way companies operate, and the use of blockchain technology to provide new solutions to supplier networks is one of the best ways to solve traditional supplier network problems."
Layout and competition
It can be seen that unlike Facebook and Wal-Mart's “I want to send money”, IBM continues to follow the principle of “do not touch digital currency”. As one of the earliest giants focusing on blockchain technology, the emergence of TYS is undoubtedly the latest move by IBM to become a leader in the enterprise blockchain industry.
In fact, as early as 2016, the company created a cloud-based IBM blockchain platform that allowed enterprise customers to quickly develop their own networks. It also supports and works with blockchain companies in a variety of industries including food, international payments, credit and shipping.
Since the beginning of this year, in terms of blockchain technology adoption, IBM has reached cooperation with multinational banks and enterprises, and its cooperation covers various fields such as medical care, e-commerce, supply chain management, data integration, and identity recognition.
Although it does not explore the way of issuing money, this avoids competition with Facebook, Wal-Mart and other giants in the payment field, but it is clear that IBM's intention to become the leader of the enterprise blockchain will also jeopardize the "peer-to-peer" cake.
Insiders said that TYS is likely to compete with projects such as VeChain, WaltonChain, and R3. These projects also attempt to revolutionize the supply chain with distributed ledger technology. Although these projects exist much longer in this field, they are still quite limited in terms of adoption.
With the recovery of this year's market, the field of cryptocurrency seems to usher in a blooming trend. First, JPM Co. released JPM Coin, and then Facebook and Wal-Mart joined the army. At the same time, US regulation has also ushered in new progress, and central banks have also announced the pace of speeding up the development of the central bank's digital currency. Nowadays, even the "blue giant" in the field of enterprise blockchain is grabbing its own territory.
At present, whether it is a government or a company, it seems to have entered a new round of competition in the field of encryption, and whether these "outsiders" can closely bring about a new round of changes in the circle, we will wait and see.
Original: Sharing Finance Neo