On Monday, International Business Machines (IBM) has introduced a new blockchain network. The novel system’s aim is up-gradation of the existing manual and bulky supply chain management.
What exactly does a Supply chain management include?
— IBM Industries (@IBMindustries) August 1, 2019
The supply chain management system oversees the administration of the flow of goods s well as services. This includes tracking the delivery along with the storage of the raw materials, the inventory, and at the same time the finished goods.
This long chain of retailers and wholesalers will be minimized with the advent of the latest blockchain technology. The predicted benefit from this new launch is extraordinary.
The new database will be shared and maintained by a vast network of computers which will be connected via the internet.
Gartner Inc, the technology research firm confirmed that by the year 2023, this blockchain is predicted to track around $2 trillion of goods and services yearly. This will be a major global movement.
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
New blockchain network-Trust Your Supplier
Furthermore, this new blockchain network is named “Trust Your Supplier.” IBM is a popular founding participant. Along with IBM, the other founding participants include, Vodafone, GlaxoSmithKline, Lenovo, Anheuser-Busch InBev, Cisco, Schneider Electric and Nokia.
The assistance in granting this technology and building this vast network using IBM ’s blockchain platform is given by Chainyard. Chainyard is a popular blockchain specialist firm.
As of now, a number of companies are updating their supplier data in this new network. This will further contribute to their expertise to upgrade their current working system.
The previously existing system or the Traditional methods of managing suppliers have been manual and significantly cumbersome. This system has always been problematic. The manual tasks included,
- Verifying identities
- Tracking documents
- Bank account information
- Tax certifications
- Certificates of insurance
— IBM Blockchain (@IBMBlockchain) August 2, 2019
However, with the new software, all these tasks will be computerized and hence decrease a significant expanse of manual burden.
This brand new decentralized approach in the form of an unchallengeable audit trail built on blockchain will eliminate a huge amount of labor-intensive as well as time-consuming processes. Not only this, but it will also assist IBM in the reduction of the peril of con or errors.
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