The new blockchain project called Trust Your Supplier (TYS) was built to aid supply chain management.
TYS, by creating a digital passport for supplier identity, allows suppliers to only share information with selected buyers on the blockchain network.
Apart from IBM’s supply chain blockchain project, there has been another supply chain development encompassing blockchain technology.
Standard Chartered, a UK bank, successfully completed its first joint deep-tier supply chain financing transaction with Linklogis, a supply chain finance company based in China.
As a result of their collaboration, Digital Guangdong has been bestowed with transparency into its whole supply chain instead of direct suppliers only.
Companies can make use of the blockchain adoption and evaluate deep tier suppliers as well before doing business with them.
I don’t think that there is a blockchain-based solution for every problem, but certainly, in cases where you need an immutable single source of truth that validates every transaction by definition, blockchain is the perfect solution (supply chain management, inventory, real estate, etc.)” Many leaders of the industries such as Facebook have already entered the space and adopted the blockchain technology.