Multinational telecommunications company Vodafone is exploring blockchain’s capabilities to improve its supply chain.
By integrating blockchain into its internal processes, Vodafone aims to advance its supply chain by promoting and verifying several suppliers through a digital identity platform dubbed Trust Your Supplier, the company announced on March 6.
The announcement further explained that the company is implementing criteria for diversity “to 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 was jointly developed by tech giant IBM and blockchain company Chainyard last summer. Alongside Vodafone, the network’s founding members include tech companies Cisco, Lenovo, Nokia, Schneider Electric and British pharmaceutical company GlaxoSmithKline, among others.
The platform aims to eliminate time-consuming manual processes and help reduce the risk of fraud and errors.