IBM Unveils “Trust Your Provider” Blockchain Project
The new project aims to reduce time-consuming manual processes
The new IBM blockchain project “Trust Your Supplier” (TYS) debuted this week. In a press release, IBM said TYS is “designed to eliminate manual time-consuming processes and help reduce the risk of fraud and errors, ultimately creating frictionless connectivity across supply chains.”
The project is part of a collaboration with blockchain services company Chainyard. The project will go live in Q3 2019.
In addition, it features an impressive client list including Anheuser-Busch InBev, Cisco, GlaxoSmithKline, and Vodafone.
What does the new IBM blockchain project do?
According to IBM’s press release, TYS addresses the cumbersome processes that require manual supply chain management. The company notes that traditional supply chain methods make it difficult to “verify identities and track documents like ISO certifications, bank account information, tax certifications, and certificates of insurance.”
The project takes a decentralized approach and operates an audit trail on the blockchain. The company claims that TYS will “eliminate manual time-consuming processes and help reduce the risk of fraud and errors.”
“Working with IBM and Chainyard on this blockchain initiative represents a great opportunity for Nokia to further enhance our suppliers’ experience and optimize the onboarding process,” said Sanjay Mehta, Vice President Procurement, Nokia 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.”
IBM has more than 18,500 suppliers around the world. It will begin onboarding roughly 4,000 of its suppliers in the coming months.
Is IBM Blockchain Project really blockchain?
IBM views blockchain as a solution to enterprise management systems.
However, the company has struggled with revenues over the last decade. This is largely due to the success of technology competitors. Other firms have moved passed IBM in areas like cloud-computing and chip manufacturing, thus impacting Big Blue’s bottom line.
Some critics have argued that IBM’s projects are not truly blockchain because it is based on something different called Hyperledger Fabric. These critics argue that Hyperledger Fabric lacks several important features of Blockchain technology.
Latest Alternative Investment News
Proxy advisory firm Institutional Investor Advisory Services India Ltd. (IiAS) has issued a note ahead of PayTM’s (NSE: PAYTM) annual shareholders’ meeting on August 19 calling for the replacement of…
Lockheed Martin (NYSE: LMT) and its venture finance arm Lockheed Martin Ventures plans to boost the latter’s investment outlay from $200 million to $400 million.
PicPay, the well-known Brazilian payment app, has got its shoe in the crypto door in partnership with Paxos, a leading regulated blockchain infrastructure company. Picpay is opening crypto trading services…
BT (LON: BT.A), the telecom major, announced that Barclaycard Payments had joined its partnership network seeking to help the growth of UK microbusinesses. BT customers with 0-5 employees would get…