Vodafone, the multinational telecommunications company, is exploring blockchain’s capabilities to improve its supply chain.
On March 6, it has been reported that by integrating blockchain into its internal processes, Vodafone aims to advance its supply chain by promoting and verifying a number of suppliers through a digital identity platform dubbed Trust Your Supplier.
However, the report 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.
It has been analyzed that the platform aims to eliminate time-consuming manual processes and help reduce the risk of fraud and errors.
Thus, telecom companies around the world have been gradually deploying blockchain even beyond their supply chains, as Telefonica reportedly partnered with the local Association of Science and Technology Parks to grant access to its blockchain to about 8,000 firms in Spain.
Source: vodafone.com | cointelegraph.com