IBM has recently launched a new blockchain project called Trust Your Supplier (TYS), with companies such as GlaxoSmithKline, Lenovo, Nokia and Vodafone who are ready to use the service.
TYS aims to improve the onboarding phase of suppliers, i.e. management of ISO certifications, bank data, tax certifications, insurance certificates and other data required for the exchange of purchase orders and invoices.
IBM and Blockchain: an advanced project
It seems that IBM is not in a pilot phase of the project but in an advanced stage and already operational. Marie Wieck, general manager of IBM Blockchain, said:
“[The] onboarding cycle is typically very manual in many companies, even those with very efficient supply chains […]. Getting a new supplier on-boarded quickly is critical to how rapidly you introduce new products and services.”
Renee Ure, responsible for the Lenovo data centre group, added:
“Through Trust Your Supplier, both buyers and suppliers will see the procurement benefits of blockchain through reductions in cost, complexity and speed”.
IBM explained that it expects a 70-80% reduction in the onboarding cycle time of new vendors, with a potential reduction of up to 50% in administrative costs.
The digital passport concept
Wieck said that, for now, the project is limited to North America, but the intention is that of a global network. One of the key innovations of TYS is a kind of digital passport for the identity of the supplier.
Wieck then reiterated that the digital passport was born for the TYS blockchain project, but as with most IBM products, it was created with future developments and integrations in mind.