A group of tech companies, including Anheuser-Busch InBev, Cisco, GlaxoSmithKline, Lenovo, Nokia, Schneider Electric and Vodafone has gathered together to launch a joint blockchain platform with IBM, states the official announcement.
The new blockchain project called "Trust Your Supplier (TYS)" will reportedly be focused on improving supplier qualification, validation, onboarding and life cycle information management.
The announcement states that by 2023, blockchain will support the global movement and tracking of $2 trillion of goods and services annually.
Renee Ure, Chief Supply Chain Officer for Lenovo's Data Center Group, says blockchain has the ability "to completely transform how companies onboard and manage their supplier network for the future."
"Through Trust Your Supplier, both buyers and suppliers will the see the procurement benefits of blockchain through reductions in cost, complexity and speed."
Earlier iHodl reported that the National Basketball Association is launching a new service for digital souvenirs.
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