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IBM Launches a New Blockchain Network for Supply Management

June G. Bauer

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International Business Machines Corp (IBM.N) announced on Monday a new blockchain network aimed at improving manual and cumbersome supply chain management.

IBM partnered with Chainyard (a blockchain consultancy firm) to launch its new blockchain solution that will go by the name “Trust Your Supplier”. Alongside IBM, the other founding participants were Anheuser-Busch InBev, Cisco, GlaxoSmithKline, Lenovo, Nokia, Schneider Electric and Vodafone.

According to IBM, 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.

IBM has 18,500 suppliers around the world and said it will begin using the Trust Your Supplier network, initially bringing onboard 4,000 of its own North American suppliers over the next few months. The blockchain has limited availability with existing participants and is scheduled to be commercially launched in the third quarter of 2019.

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Blockchain

Emaar UAE Will Launch a Blockchain Royalty System

M. Ali

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Emaar Group, a leading UAE property developer and the one who developed the world’s tallest building “Burj Khlaifa” in Dubai, revealed that it will be releasing a new blockchain-based referral and loyalty platform later this year.

Emaar new royalty token will be called EMR, Emaar customers Dwill earn EMR tokens for their loyalty and business referrals. EMR tokens will not only be redeemable in Emaar’s real estate, hotels, ecommerce operations and malls, but can also be traded with other users, the company said in a statement.

Emaar said this is the first product of its kind being launched in the world, which aims to provide customers with digital tokens using blockchain technology on a mobile application.

In the last couple of years, UAE business entities and the city of Dubai have shown interest in blockchain technologies.

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Ernst & Young Launches a Public Finance Management Blockchain Solution

June G. Bauer

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Ernst & Young, one of the largest professional services firms in the world and one of the Big Four accounting firms, has announced the launch of EY OpsChain Public Finance Manager (PFM), a blockchain-enabled solution designed to help governments improve their processes for financial management of public funds.

The blockchain based solution Ops Chain can support up to 20 million transactions per day on private networks. The platform support advanced token technology that enables financial services functionality to be integrated into assets and the development of a library of smart contracts that automate standard business processes.

EY Ops Chain is maturing into a full-featured business application that allows enterprises to digitize and automate their interactions with key business partners, from procurement to financial settlements. We now have clients across a range of industries from automotive, to food and beverage, to health care that are all using the same scalable code base and open blockchain standards

Paul Brody, EY Global Innovation Leader, Blockchain, says

EY OpsChain has been piloted for the city of Toronto. The application was tested to the way reconciliations and interdivisional fund transfers are managed, as part of its ongoing financial management transformation efforts.

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Video: Bloomberg Interviews Facebook’s Head of Calibra

Sying Tien

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Bloomberg Technology interview with Marcus, Facebook Inc.’s head of Calibra about Facebook’s foray into cryptocurrencies and the push back coming from regulators.

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