ChainYard and IBM reduce new vendor risk & drastically cut onboarding from 60 to 3 days with Hyperledger Fabric
Company Size
1,000+
Region
- America
Country
- United States
Product
- Trust Your Supplier
- Hyperledger Fabric
Tech Stack
- Blockchain
- Hyperledger Fabric
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Cost Savings
- Productivity Improvements
Technology Category
- Application Infrastructure & Middleware - Blockchain
Applicable Industries
- Electronics
- Telecommunications
Applicable Functions
- Procurement
Use Cases
- Regulatory Compliance Monitoring
- Supply Chain Visibility
Services
- System Integration
About The Customer
The customer in this case study is IBM, a multinational technology company that operates in over 170 countries. IBM provides a wide range of technology and consulting services, a broad portfolio of middleware for collaboration, predictive analytics, software development, and systems management, and the world's most advanced servers and supercomputers. The company is also a major research organization, holding the record for most U.S. patents generated by a business for 26 consecutive years. In this case, IBM partnered with Chainyard, a leader in blockchain consulting, to develop a solution to streamline the process of onboarding B2B suppliers.
The Challenge
The process of onboarding B2B suppliers is slow, costly, and fraught with risks and errors. It involves a lot of paperwork and verification from various departments and third parties. This creates friction and delay between buyers and sellers. The process is also difficult to keep up with when any vendor undergoes a move, reorganization, merger, or acquisition. The whole process takes around 45 to 60 days to approve a new supplier. IBM and Chainyard saw this as a problem that blockchain could solve.
The Solution
IBM and Chainyard teamed up to modernize the end-to-end process of supplier information management using a blockchain network built with Hyperledger Fabric. The network, called Trust Your Supplier, went live in the fall of 2019. Trust Your Supplier creates a unique “digital passport” for each supplier’s identity on the Hyperledger Fabric blockchain. This ID can be shared with any permissioned buyer on the network to save time validating and onboarding a new supplier. Several third-party verifiers are on the network, including Dun & Bradstreet for business data, EcoVadis for sustainability, and RapidRatings for financial risk. These third parties can provide further audit or verification services to create an even more comprehensive picture of any vendor.
Operational Impact
Quantitative Benefit
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