BM's 'Trust Your Supplier' network gives another glimpse of how blockchain could disrupt traditional supply chain networks:
a blockchain-based supply chain verification network, aptly named"Trust Your Supplier" . In its press release, IBM said that TYS is"designed to eliminate manual time-consuming processes and help reduce the risk of fraud and errors, ultimately creating frictionless connectivity across supply chains."IBM will collaborate with blockchain services company Chainyard to bring TYS to a prominent list of clients, including Anheuser-Busch InBev, Cisco, GlaxoSmithKline, and Vodafone.
The TYS network gives us another glimpse of how blockchain could disrupt traditional supply chain networks. According to data from Gartner cited by IBM, blockchain will track the movement of an estimated $2 trillion worth of goods and services by 2023. Here are a few ways we foresee blockchain impacting supply chains:
Increased granularity of data. In conjunction with IoT devices, blockchain can increase the frequency and specificity of communication throughout the supply chain. For example, in the food service industry, a sensor could be attached to deliveries to track temperature, humidity, and light exposure as products travel through the supply chain. Blockchain would allow such measurements to be documented through a distributed ledger that makes the data accessible, reliable, and responsive.
Reduced administration costs. Blockchain could reduce the need to manually input information about goods and services as they travel through supply chains. The technology would automate and digitize the tracking process, often with the aid of IoT devices.
Finally, many of the benefits of blockchain will be enabled through the network effect, whereby companies reap benefits because blockchain platforms connect them to other companies using the technology.
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