Multinational telecommunications company Vodafone is exploring blockchain technology in an attempt to improve its supply chain and verify its suppliers. This is a solution developed last year by IBM and Chainyard called Trust Your Supplier.
The founding members of the project include, besides Vodafone, numerous other big names such as Lenovo, Cisco, Schneider Electric, Nokia and GlaxoSmithKline.
The main objective of the Trust Your Supplier platform is to facilitate the diversification of suppliers without compromising the quality criteria. The technology helps eliminate manual processes, reduces selection time and the risk of error and fraud.
Vodafone is exploring blockchain technology
Vodafone explained that it intends to implement diversity criteria in order to influence public procurement decisions. The platform will help maintain the standard criteria that include value, technology, safety and delivery from suppliers.
By integrating the blockchain with its internal processes, the company hopes that it will be able to improve its supply chain.
Vodafone’s Director of Supply, Ninian Wilson, explained that any large company wishing to collaborate with a supplier will need to ensure that it goes through various verification processes. These refer to issues such as the legitimacy of the supplier, the systems of records used, the business history and more. Most large companies have such vendor verification systems in place. These
“I end up providing similar or identical information for many many corporate organizations,”
explained Ninian Wilson.
IBM came up with the idea of improving the selection system by implementing a blockchain platform on which this vendor information is stored and verified in advance.
Interested companies can access them, and thus small producers have access to a very large market for their products.
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