IBM and Chainyard launch cloud-based blockchain supply chain accreditation network

IBM has onboarded numerous Fortune 500 companies to the permissioned network

IBM has partnered with enterprise blockchain specialist Chainyard on a blockchain network designed to improve supplier qualification, validation and life cycle information management.

The permissioned-based data sharing network, called Trust Your Supplier, will store important business documents, including ISO certification, bank account information and tax certification, enabling buyers to background-check suppliers.

Trust Your Supplier creates a digital passport for suppliers that they can share with suppliers and integrate with third-party validators such as Dun & Bradstreet, Ecovadis and RapidRatings for direct outside verification or auditing.

The network, based on IBM Cloud, will also integrate with existing business processes, relaying necessary supplier data required for exchanging Purchase Orders and invoices, thus eliminating the need for suppliers to enter the information in several networks.

The companies said the network, which has already enlisted numerous Fortune 500 companies and onboarded 4,000 of IBM’s own North American suppliers, will promote ‘frictionless connectivity across supply chains’.

“IBM Procurement projects a 70 to 80 percent reduction in the cycle time to onboard new suppliers, with a potential 50 percent reduction in administrative costs within its own business,” the companies said in a press release.

The Trust Your Supplier network is currently in limited availability with existing participants with plans for commercial availability later in Quarter 3 of 2019.