Telecom Company Vodafone To Use IBM’s Trust Your Supplier (TYS) Blockchain
With the need of bringing clarity and efficiency to the plot, simplify and improve the processes around the supplier compliance, Vodafone is one of the major companies working in collaboration with IBM to use blockchain technology to enhance clarity as well as efficiency in the supply chain.
Using blockchain technology IBM has come up with a solution that will help simplify and improve the processes involved in supplier compliance. The project referred to as Trust Your Supplier (TYS) and brings together various large companies.
Vodafone Procurement Company (VPC) CEO and director of supply chain management Ninian Wilson will be one of the steerers of the initiative. Wilson said that there are various founder members who are collaborating on TYS blockchain and Vodafone is one of them.
Forbes says that Other founding members include the likes of Cisco, Anheuser-Busch InBev, Nokia, GlaxoSmithKline, Schneider Electric and Lenovo.
Wilson explained that any large company wishing to collaborate with a supplier will be required to make sure that the supplier passes various background checks and verifications. The compliance checks look into various aspects like supplier’s legitimacy, track record, risks to name but a few. According to Wilson majority of big companies do this themselves and, as a result, suppliers “end up providing similar, or the same information to many many many corporate organizations,” he explained.
Given such current industry status quo, IBM came up with the idea of improving operations and communicated Vodafone about the solution. IBM believes that by harnessing Blockchain technology working with larger corporates. This will help in minimizing the barriers to entry for small players while maintaining the big players satisfying all the compliance policies for the big corporates.
Wilson shared his expectations on Minimum Viable Product (MVP) to be ‘up and running’ in 2019. He explained that the partners are assisting steer the blockchain company to deliver something for many companies and not just for Vodafone and IBM. he explained that suppliers will not have to provide the same information to multiple companies but submit it just once to the entire fraternity of the larger companies involved.