Vodafone, the multinational telecom company, is exploring blockchain tech in an attempt to enhance its supply chain and verify its suppliers.
If it integrates blockchain with its internal processes, it will manage to enhance its supply chain. Known as Trust Your Supplier, a digital identity platform, they are able to endorse and authenticate suppliers, per a Vodafone announcement on 3/6/2020.
Criteria for Diversity to Be Implemented
In the same announcement, Vodafone also explained that it is implementing diversity criteria in order to influence decisions on procurement, all while not ignoring the standard criteria that include value, technology, safety, and delivery when suppliers are invited to manage the business.
Developed last summer by tech behemoth IBM and Chainyard, a blockchain company, Trust Your Supplier doesn’t have only Vodafone as a founding member. On the contrary, its founders include Lenovo, Cisco, Schneider Electric, Nokia and even one of the biggest pharmaceutical companies in the UK, GlaxoSmithKline. And these are only a few of the big names behind it.
The Trust Your Supplier platform’s main objectives are eliminating manual processes than consume too much time and reducing the risks of errors and fraud.
Blockchain Embraced by the Telecom Sector
Telecom providers from all over the world are deploying blockchain more and more, and even for other than their supply chain. For example, Telefonica closed a partnership with the Association of Science and Technology Parks and allowed access for around 8,000 Spanish firms to its blockchain.
The largest telecom firm in South Korea, KT, was about to launch a blockchain-based currency for the city of Busan on December 30, saying the currency could have been used with any credit card terminal, especially more at small local business and less at larger retailers so that shopping with businesses run by families or individuals and not corporations would be encouraged.