The London-based telecommunication heavyweight Vodafone is reportedly considering turning to blockchain for a viable solution to enhance its supply chain.
Specifically, the firm believe that a blockchain integration to its existing system will provide a greater performance for its supply chain, by promoting and validating a selected array of suppliers, via the digital identity platform that goes by the name “Trust Your Supplier”.
Furthermore, Vodafone is investing resources in working on the implementation of criteria, which will help with diversification, ultimately will influence procurement decisions alongside other standard criteria, such as safety, value, delivery and technology when we invite suppliers to tender for business.”
“Trust Your Supplier” is a jointly collaborated project during summer last year, with efforts coming from IBM and Chainyard. The big names that helped found the network, apart from Vodafone, includes tech firms Cisco, Lenovo, Nokia, Schneider Electric and major pharmaceutical corporation from the UK, GlaxoSmithKline, among others.
The platform has a primary goal to cancel out manual processes which takes a prolonged period of time to finalize, along with bringing down the occurrence rate of fraud and errors.
Blockchain is being eyed by telecom firms across the globe as a suitable tool to help solve supply chain performance issue, and others. Telefonica has reportedly teamed up with local Association of Science and Technology Parks, to connect 8000 Spain-based businesses to its blockchain.