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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