Altcoin News: Lenovo, Nokia and Vodafone Join IBM’s New Blockchain Initiative

August 5, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

IBM has unveiled its new blockchain project called Trust Your Supplier (TYS), CoinDesk reports this Monday.

Such companies as Anheuser-Busch InBev, Cisco, GlaxoSmithKline, Lenovo, Nokia, Schneider Electric and Vodafone were among the first participants of the initiative.

The TYS product is developed on the basis of the IBM blockchain platform and is focused on eliminating manual and time-consuming processes, as well as risks of fraud and errors.

According to the publication, TYS creates a digital passport to identify suppliers in the blockchain network, thanks to which suppliers can share information with selected customers who are also members of the network. It is expected that this approach will reduce the time and costs in the process of qualifying, validating and managing new suppliers.

Renee Ure, chief supply chain officer for Lenovo’s data center group, echoed this in a statement, saying, “Through Trust Your Supplier, both buyers and suppliers will see the procurement benefits of blockchain through reductions in cost, complexity and speed.”

Currently, a limited number of participants can work with project tools. TYS is scheduled for commercial operation until the end of the third quarter. Initially, the project will expand in North America, and then around the world.

Last September, IBM introduced the Blockchain World Wire payment system.

Author: Marko Vidrih