Big corporates are partnering with IB (NYSE: IBM) on a new blockchain network, according to a company release. IBM and Chainyard have jointly announced “Trust Your Supplier” a distributed ledger technology platform that seeks to simplify supply chain management with better validation.
Anheuser-Busch InBev, Cisco, GlaxoSmithKline, Lenovo, Nokia, Schneider Electric and Vodafone are said to be the “founding participants.”
The decentralized methodology and “immutable audit trail built” on blockchain, the platform seeks to eliminate manual time-consuming processes while mitigating potential for fraud. IBM believes that blockchain will create value for $2 trillion of supply chain movement by 2023.
IBM expects to use the Trust Your Supplier network initially with 4,000 of its North American suppliers providing a 50% reduction in cost for these users.
While limited in its availability now, wide release will take place in Q3.