• Latest
Lenovo, Glaxo, Nokia: Big Names Join New IBM Blockchain

Lenovo, Glaxo, Nokia: Big Names Join New IBM Blockchain

August 5, 2019
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution

NFTs: The Next Musical Revolution

April 24, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?

What is the future of Ethereum (ETH)?

April 22, 2022
green gaming

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Business

Lenovo, Glaxo, Nokia: Big Names Join New IBM Blockchain

coinnewsdaily by coinnewsdaily
August 5, 2019
in Business
0
Lenovo, Glaxo, Nokia: Big Names Join New IBM Blockchain
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022

IBM has launched a new blockchain project called Trust Your Supplier (TYS), with big name firms Anheuser-Busch InBev, GlaxoSmithKline, Lenovo, Nokia, Schneider Electric and Vodafone already on board.

Announced Monday, TYS joins IBM’s successful stable of track-and-trace supply chain and logistics blockchain consortia, which include Food Trust and TradeLens.

TYS is focused on supplier onboarding, an umbrella term relating to a wide and varied assortment of supplier information like ISO certifications, bank account data, tax certifications, certificates of insurance and other supplier data required for exchanging purchase orders and invoices.

Marie Wieck, general manager at IBM Blockchain, told CoinDesk:

“That onboarding cycle is typically very manual in many companies, even those with very efficient supply chains, just in terms of the vetting and validation of those suppliers. Getting a new supplier on-boarded quickly, particularly when there are new capabilities coming up every day, is critical to how rapidly you introduce new products and services.”

Renee Ure, chief supply chain officer for Lenovo’s data center group, echoed this in a statement, saying, “Through Trust Your Supplier, both buyers and suppliers will see the procurement benefits of blockchain through reductions in cost, complexity and speed.”

Stepping back, enterprise blockchain projects have a reputation for moving forward at a glacial pace, plodding from proof-of-concept to pilot and finally (if you’re lucky) to live production.

However, in this case, IBM has emerged with a fully formed live production blockchain.

Big Blue started work on the project internally with its own procurement division and is using the blockchain to manage 4,000 of its own 18,500 suppliers. IBM said it expects to see a 70–80 percent reduction in the cycle time to onboard new suppliers, with a potential 50 percent reduction in administrative costs within its own business.

TYS is currently limited to the existing participants, with plans for commercial availability in Q3 of this year. Wieck said that, for now, its footprint is confined to North America, but the intention is for a global network.

Network of networks

A key innovation at the heart of TYS is a “digital passport” for supplier identity.

One of IBM’s early blockchain partners, Chainyard, which also builds on Hyperledger Fabric, helped design this aspect of the project. Third-party validators such as Dun & Bradstreet, Ecovadis and RapidRatings provide outside verification or audit capabilities for suppliers via the passport.

Wieck said the digital passport is specifically tailored to TYS, but like most things IBM does, it has been created with pluggable open interfaces in mind.

As such, some facets of TYS could also be applicable to TradeLens, IBM’s shipping cargo blockchain ecosystem launched with Maersk back in 2018. Wieck said there are a number of document-sharing use cases that could be extended with the TYS supplier network.

She said TradeLens, for example, is working on optimizing invoice settlement, factoring and invoice dispute resolution.

Wieck explained:

“We have been talking about the notion of interoperability between blockchain networks – the idea of a network of networks which can expand these economies.”

IBM image via Shutterstock

Credit: Source link

Tags: BusinessCryptoCrypto Business
Share76Tweet48
Previous Post

Mastercard Is Building a Team to Develop Crypto, Wallet Projects

Next Post

Thailand to Bring Cryptocurrency Under Anti-Money Laundering Rules

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

ygg sea surpasses 10,000 scholarships in just six months of launch
Alt Coin

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin
Alt Coin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications
Alt Coin

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin
Alt Coin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
what are wrapped tokens?
Bitcoin

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?
Alt Coin

What is the future of Ethereum (ETH)?

April 22, 2022
Load More
Next Post
Thailand to Bring Cryptocurrency Under Anti-Money Laundering Rules

Thailand to Bring Cryptocurrency Under Anti-Money Laundering Rules

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch
  • Mintable Launches Industry Changing Gas Free Minting Service on Ethereum
  • 5 Projects Enabling Smart Contract Development on Bitcoin
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$27,847.00-0.34%
  • ethereumEthereum(ETH)$1,764.22-0.74%
  • tetherTether(USDT)$1.00-0.11%
  • binancecoinBNB(BNB)$328.680.48%
  • rippleXRP(XRP)$0.4876436.23%
  • cardanoCardano(ADA)$0.356168-1.16%
  • dogecoinDogecoin(DOGE)$0.0754450.37%
  • matic-networkPolygon(MATIC)$1.08-2.09%
  • solanaSolana(SOL)$20.65-1.09%
  • polkadotPolkadot(DOT)$6.060.22%
  • litecoinLitecoin(LTC)$92.33-1.53%
  • shiba-inuShiba Inu(SHIB)$0.0000110.92%
  • tronTRON(TRX)$0.064286-0.08%
  • daiDai(DAI)$1.00-0.12%
  • chainlinkChainlink(LINK)$7.18-0.76%
  • cosmosCosmos Hub(ATOM)$11.15-1.58%
  • leo-tokenLEO Token(LEO)$3.39-1.80%
  • moneroMonero(XMR)$163.960.62%
  • ethereum-classicEthereum Classic(ETC)$20.12-0.78%
  • okbOKB(OKB)$43.223.02%
  • stellarStellar(XLM)$0.0949002.60%
  • bitcoin-cashBitcoin Cash(BCH)$123.66-1.69%
  • filecoinFilecoin(FIL)$5.56-0.14%
  • crypto-com-chainCronos(CRO)$0.068078-2.21%
  • vechainVeChain(VET)$0.022637-1.96%
  • algorandAlgorand(ALGO)$0.206856-1.89%
  • internet-computerInternet Computer(ICP)$4.90-1.65%
  • eosEOS(EOS)$1.140.44%
  • elrond-erd-2MultiversX(EGLD)$42.35-0.76%
  • tezosTezos(XTZ)$1.12-1.65%
  • aaveAave(AAVE)$71.93-0.82%
  • theta-tokenTheta Network(THETA)$0.99-3.19%
  • neoNEO(NEO)$12.654.04%
  • havvenSynthetix Network(SNX)$2.501.93%
  • paxos-standardPax Dollar(USDP)$1.000.01%
  • bitcoin-cash-svBitcoin SV(BSV)$36.38-1.00%
  • pancakeswap-tokenPancakeSwap(CAKE)$3.73-0.09%
  • dashDash(DASH)$58.02-2.82%
  • makerMaker(MKR)$667.79-1.43%
  • huobi-tokenHuobi(HT)$3.660.13%
  • iotaIOTA(MIOTA)$0.205989-3.29%
  • zilliqaZilliqa(ZIL)$0.027071-1.78%
  • zcashZcash(ZEC)$36.47-0.53%
  • basic-attention-tokenBasic Attention(BAT)$0.242402-4.36%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • nemNEM(XEM)$0.038528-2.28%
  • qtumQtum(QTUM)$3.120.21%
  • kusamaKusama(KSM)$33.590.55%
  • compound-governance-tokenCompound(COMP)$42.38-1.11%
  • bitcoin-goldBitcoin Gold(BTG)$16.19-1.65%
  • yearn-financeyearn.finance(YFI)$8,335.71-1.28%
  • ftx-tokenFTX(FTT)$1.89-21.50%
  • omisegoOMG Network(OMG)$1.78-2.88%
  • golemGolem(GLM)$0.232454-3.22%
  • wavesWaves(WAVES)$2.12-1.40%
  • sushiSushi(SUSHI)$1.050.00%
  • ontologyOntology(ONT)$0.225343-3.12%
  • digibyteDigiByte(DGB)$0.009582-1.27%
  • umaUMA(UMA)$2.165.98%
  • ethlendAave [OLD](LEND)$0.53-3.08%
  • UniswapUniswap(UNI)$2.4438.80%