IBM announced the launch of a new blockchain project called Trust Your Supplier, with the goal of reducing time, costs and risk while on-boarding new suppliers to a supply chain. Nokia and other well-known companies like Lenovo and Vodafone joined the project, reports CoinDesk.com.
In short, blockchain is a data structure resistant to outside manipulation, meaning it can be used for safe record keeping, which is especially useful for doing financial transactions and for privacy related projects. The TYS project is focused on supplier onboarding, an umbrella term relating to a wide and varied assortment of supplier information like ISO certifications, bank account data, tax certifications, certificates of insurance and other supplier data required for exchanging purchase orders and invoices, writes CoinDesk, adding that IBM’s in-house use of TYS should result in 70–80 percent reduction in the cycle time to onboard new suppliers, with a potential 50 percent reduction in administrative costs.
TYS should be commercially available during this quarter in North America, with a global availability planned. The project should help companies with faster integration of new suppliers into their supply chain, which would mean higher efficiency and time savings.
You can read more about this interesting project at CoinDesk.com.