Supplier Data Management through a new Blockchain Platform launched by tech giant IBM

Supplier Data Management through a new Blockchain Platform launched by tech giant IBM

A new blockhain network aiming for supply chain management has been developed by the tech giant IBM and Chinyard, a Blockchain company in collaboration. The news came across through a press release where the tech giant shared about the platform with Cointelegraph this Monday.

The objective behind developing the product which has been built on the IBM Blockchain Platform is to do away with processes that involve manual time- consumption, thus also decreasing the threats associated with errors and fraud. Anheuser-Busch InBev, an American brewing company, tech companies like Cisco, Lenovo, Nokia, Schneider Electric, Vodafone, a telecom company and GlaxoSmithKline, a British pharmaceutical company, are all the founding members of the “Trust Your Supplier Network”; along with IBM.

For enabling the sharing of information with selected buyers, Trust Your Supplier network creates a digital passport for the supplier for identification on the Blockchain network. Time invested in qualifying, validating and managing new suppliers is saved along with the related costs thanks to this network.

According to the chief supply chain officer at Lenovo’s data center group, Renee Ure, an array of other blockchain-based projects from IBM are joined by the Trust Your Supplier network. With over 100 active patent families, the increased the number of blockchain patents secured in the United States by a triple; since 2018, in mid- July this year. With the objective to fight counterfeit hard disk drives (HDD), in collaboration with IBM, America based tech giant Seagate entered the pilot stage of its blockchain project last month. The blockchain project by Seagate has been developed to aid manufacturers, integrators and business partners to use IBM’s Blockchain Platform in order to authenticate the provenance of HDD far more superiorly.

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