Anheuser-Busch InBev, GlaxoSmithKline, Lenovo, Nokia, Schneider Electric and Vodafone have joined new IBM blockchain project Trust Your Supplier (TYS), which aims at improving supplier validation, onboarding, and life cycle information management.
Announced Monday, TYS is focused on a wide and varied assortment of supplier information such as bank account data, ISO certifications, tax certifications, certificates of insurance and other supplier data required for exchanging purchase orders and invoices.
“Through Trust Your Supplier, both buyers and suppliers will see the procurement benefits of blockchain through reductions in cost, complexity and speed,” Renee Ure, chief supply chain officer for Lenovo’s data center group, said.
For now, TYS’s footprint is confined to North America, but the intention is for a global network.
