IBM Unveils “Trust Your Provider” Blockchain Project

August 7, 2019 | FinTech, News

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.

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Latest Alternative Investment News
Artificial Intelligence: AMD Takes On Rivals In The AI Chip Sweepstakes
December 7, 2023     Artificial Intelligence, News

Chipmaker AMD (NASDAQ: AMD) has unveiled a range of innovative AI solutions spanning from data centers to personal computers. The AMD Instinct MI300 Series features data center AI accelerators, while…
Digital Assets: Robinhood Debuts Crypto Trading On Its App In The EU
December 7, 2023     Digital Assets, FinTech, News

Robinhood (NASDAQ: HOOD) has launched its Crypto app in the European Union (EU), allowing eligible customers to engage in crypto trading with the added incentive of earning Bitcoin rewards. Customers…
FinTech: Samsung Electronics Ties With Mastercard’s Wallet Express
December 7, 2023     FinTech, News

Samsung Electronics (KRX: 005930) and Mastercard (NYSE: MA) have partnered to launch the Wallet Express program, offering banks and card issuers a cost-effective way to expand digital wallet offerings. Through…
Venture Capital: Revaia, Europe’s Biggest Female-Led VC Firm, Racks Up $160M For Second Fund
December 7, 2023     ESG and Sustainability, News, Venture Capital

Revaia, Europe’s largest female-founded venture capital firm, has successfully raised €150 million ($160 million) for its second fund, Revaia Growth II. The funding was secured from sovereign wealth funds, family…