The future currency based platform, blockchain is going through a lot of advancements these days. And, to expand it on a large scale many big companies are making continuous efforts. Thus, tech giant, IBM along with several companies has launched a new blockchain network- Trust Your Supplier, for customers’ ease.
Big News this #MondayMorning! #IBM & @chainyard are announcing Trust Your Supplier to simplify #supplychain management using #blockchain #technology. Learn more: https://t.co/7WxHa0KQfd pic.twitter.com/QBv6s1Kh50
— IBM Blockchain (@IBMBlockchain) August 5, 2019
IBM: About Trust Your Supplier
- On Monday, IBM announced the new blockchain network- Trust Your Supplier. And it aims at improving the complicated and manual supply management.
- The founder-participants of the new blockchain network are IBM, Lenovo, Schneider Electric, Cisco, Vodafone, Anheuser-Busch InBev, and GlaxoSmithKline.
- The blockchain specialist firm, Chainyard is building the network and providing apt technologies for IBM’s Trust Your Supplier.
- And, the other companies are helping in expanding the network by providing expertise and putting their data on the network.
What is supply management?
Now, you might be pondering about what supply management means? So, supply management means to supervise the flow of goods and services. This includes the movement of raw materials and finished goods.
So, supply management is one of the domains which can benefit from the blockchain network. This way all the companies can maintain a shared database across the network.
Advantages of Trust Your Supplier
- According to big technological firms, the network will track more than $2 trillion of goods and services by 2023.
- Also, traditional methods are often very complicated. As they use a lot of manual labor. This, in turn, makes the process of identifying an entry for goods very painstaking.
- With the help of Trust Your Supplier, we can easily locate any records and share them globally too.
- And, the other plus point is that all the data can be shared in real-time and that too with complete security.
- So, Trust Your Supplier takes much of the burden and shifts it to a global network.
"#Blockchain’s digital tracking #technology allows customers to see detailed information on products like when it was harvested or packed – reassuring them on the quality of items they buy" https://t.co/O5gV5qNvdu
— IBM Blockchain (@IBMBlockchain) August 4, 2019
Thus no doubt, IBM blockchain network is a boon for the existing as well as new suppliers. For more updates, keep watching The Geek Herald!