IBM, Lenovo, Nokia, and Vodafone launch blockchain to track supply chains

Technology giant IBM has launched a new blockchain to track supply chains with the participation of several large companies, including Lenovo, Nokia and Vodafone.

A network called Trust Your Supplier (TYS) is designed to simplify vendor verification, as well as registering and managing product lifecycle information. Anheuser-Busch InBev, GlaxoSmithKline, Cisco, and Schneider Electric are also among the founding members of the network.

Modern supplier management methods are “cumbersome” manual processes, making it difficult to verify identity and track documents. Using the blockchain, companies strive to automate processes, as well as reduce the risk of fraud and errors.

“The Trust Your Supplier network creates a digital passport to identify the supplier on the blockchain network, which allows the supplier to exchange information with any customer on the network,” says IBM.

For example, the technology giant has over 18,500 suppliers worldwide. Thanks to TYS, IBM estimates a 70-80% reduction in time to connect new suppliers, as well as a 50% reduction in administrative costs for its own business.

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Recall that recently Seagate and IBM began pilot testing a blockchain system to track the production of hard drives. In addition, earlier the FDA, IBM and Merck announced that they would implement blockchain in the supply chain of medicines.