IBM, Armonk, N.Y., and Chainyard, Morrisville, N.C., announced Trust Your Supplier (TYS), a new blockchain network designed to improve supplier qualification, validation, onboarding and life cycle information management.
By using a decentralized approach and an audit trail built on blockchain, Trust Your Supplier is designed to eliminate manual processes and help reduce the risk of fraud and errors, ultimately creating frictionless connectivity across supply chains. By 2023, blockchain will support the global movement and tracking of $2 trillion of goods and services annually, according to a study released by Gartner Inc., Chicago.
Trust Your Supplier creates a digital passport for supplier identity on the blockchain network that allows suppliers to share information with any permissioned buyer on the network.
The Trust Your Supplier blockchain network can also connect existing procurement business networks by relaying necessary supplier data required for exchanging purchase orders and invoices, without the need for suppliers to enter it in multiple different networks and automating onboarding process to those networks. The IBM Supply Chain Business Network can connect to Trust Your Supplier using open industry programming interfaces for access to existing verified supplier information.