Hyperledger Case Studies ChainYard and IBM reduce new vendor risk & drastically cut onboarding from 60 to 3 days with Hyperledger Fabric

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	ChainYard and IBM reduce new vendor risk & drastically cut onboarding from 60 to 3 days with Hyperledger Fabric Hyperledger

ChainYard and IBM reduce new vendor risk & drastically cut onboarding from 60 to 3 days with Hyperledger Fabric

Hyperledger

Technology Category	Application Infrastructure & Middleware - Blockchain
Applicable Industries	Electronics Telecommunications
Applicable Functions	Procurement
Use Cases	Regulatory Compliance Monitoring Supply Chain Visibility
Services	System Integration
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. Read More
About 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. Read More
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. Read More Log in to view content
Contents

Technology Category

Application Infrastructure & Middleware - Blockchain

Applicable Industries

Electronics

Telecommunications

Applicable Functions

Procurement

Use Cases

Regulatory Compliance Monitoring

Supply Chain Visibility

Services

System Integration

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.

About 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.

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.

Impact #1	The system is easier to use and simpler to maintain, while providing strong data security and privacy.
Impact #2	The system is in full production with 10 nodes, and the team expects to be busy from now on generating and loading IDs.
Impact #3	The blockchain could even interoperate with other blockchains or systems designed specifically for supplier information management.

Impact #1

The system is easier to use and simpler to maintain, while providing strong data security and privacy.

Impact #2

The system is in full production with 10 nodes, and the team expects to be busy from now on generating and loading IDs.

Impact #3

The blockchain could even interoperate with other blockchains or systems designed specifically for supplier information management.

Benefit #1	Vendor onboarding cycle time cut from 60 days to 3 days
Benefit #2	For buyers: 50% less cost to verify and maintain a supplier’s information
Benefit #3	For sellers: much faster time to first sale

Benefit #1

Vendor onboarding cycle time cut from 60 days to 3 days

Benefit #2

For buyers: 50% less cost to verify and maintain a supplier’s information

Benefit #3

For sellers: much faster time to first sale

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Overview

ChainYard and IBM reduce new vendor risk & drastically cut onboarding from 60 to 3 days with Hyperledger Fabric

Operational Impact

Quantitative Benefit