On Monday, the 5th of August 2019, the US-based multinational technology conglomerate, IBM (International Business Machines), headquartered in Armonk, NY, had issued a public statement saying that the company was set to launch a new blockchain network, named as ‘Trust Your Supplier’ alongside other multinational technology firms.
According to the NY-based computer hardware manufacturer’s Monday’s (August 5th) statement, founding participants of the newly launched blockchain network, “Trust Your Supplier” have been Belgian drink and beverage company Anheuser-Busch InBev, CA-based network hardware company Cisco, UK-based pharmaceutical company GlaxoSmithKline, Chinese multinational tech conglomerate Lenovo, Finnish telecommunication company Nokia, French utility multinational company Schneider Electric, London-based multinational telecommunication conglomerate Vodafone alongside IBM.
Adding that the newly formed blockchain network among major global suppliers and tech titans would add real-time security on to their operations, General Manager for IBM Blockchain, Marie Wieck said in an emailed message following IBM’s Monday’s (August 5th) statement, “The validation and onboarding of new suppliers is a critical pain point for virtually any company that relies on a robust supply chain to conduct business.
By moving this process on to the blockchain, we’re taking much of that burden and shifting it to the network, where it can be shared in real-time more securely and efficiently. ” Besides, NY-based International Business Machines has more than 18,500 suppliers across the world and IBM would soon begin to process their data using its ‘Trust Your Suppliers’ Blockchain network, said Marie Wieck.