IBM, Anheuser-Busch InBev, Cisco, GlaxoSmithKline, Lenovo, Nokia, Schneider Electric and Vodafone have jointly developed a new blockchain network, with the goal of improving manual and cumbersome supply chain management. Chainyard, a company specializing in blockchain, is providing the technology and building the Trust Your Supplier network, using IBM's blockchain platform. The other companies will put their supplier data onto the network and contribute their expertise to expand it.
The new network will use a decentralized approach and immutable audit trail to eliminate time-consuming manual processes and help reduce the risk of fraud and errors. "By moving this process onto the blockchain, we're taking much of that burden and shifting it to the network, where it can be shared in real-time more securely and efficiently," said Marie Wieck, general manager for IBM Blockchain.
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