IBM and blockchain consultancy firm Chainyard has announced the launch of Trust Your Supplier blockchain network. It aims at improving supplier qualification, validation, onboarding, and life cycle information management. Also, Anheuser-Busch InBev, GlaxoSmithKline, Lenovo, Nokia, Schneider Electric and Vodafone are founding members in the Trust Your Supplier (TYS) network.

Trust Your Supplier will eliminate manual processes. Thus, it will help reduce the risk of fraud and errors within supply chains. This is because it uses a decentralized approach and an immutable audit trail built on a blockchain. Chainyard, a blockchain specialist firm, is providing the technology and building the network using IBM’s blockchain platform. Meanwhile, the other companies are putting their supplier data onto the network and contributing their expertise to expand the network. Unlike IBM’s other blockchain-based networks, there is no product tracking on the new distributed ledger.

Traditional methods of managing suppliers involve cumbersome manual processes. This makes it difficult to verify identities and track documents like ISO certifications, and certificates of insurance throughout the lifecycle of a supplier. As per the source, with the Trust Your Supplier blockchain network you can design to eliminate those time-consuming processes and help reduce the risk of fraud and errors.

IBM continues expanding blockchain projects. In the month of July, IBM took its blockchain game one step higher with the launch of the updated version of its enterprise blockchain. The blockchain networks could operate across multiple environments easily.