In 2017, Chainyard partnered with IBM to develop the Trust Your Supplier (TYS) blockchain platform, which launched a couple months ago with 15 participating companies.
“[The platform] is providing a trusted source of supplier information to simplify and accelerate supplier onboarding, lifecycle and management,” said Alex Rosen, vice president of business development at Chainyard, at the 2019 Blockchain in Transport Alliance (BiTA) Symposium in Chicago.
IBM is the first company onboarding suppliers through the system, and it’s saving a tremendous amount of time and money in the supplier onboarding process.
“This network will onboard tens of thousands of suppliers very rapidly because of the types of companies that have committed to use it,” Rosen said.
Headquartered in Morrisville, North Carolina, Chainyard is a consulting and implementation provider that has built over 24 blockchain projects and has four networks currently in production — one of which thousands of users rely on for financial transactions. Chainyard has been in blockchain production for four years, using both Hyperledger and Ethereum. It has 65 employees working on blockchain.
Chainyard’s blockchain solution responds to a common pain point among logistics providers: qualifying hundreds of carriers by validating documentation while managing risk and regulations is a convoluted and inefficient process. Onboarding and updating data is also inefficient when multiple parties are using different databases to manage the same data.
Chainyard built a trusted source of supplier information and digital identity (DID). The DID allows for persistent identities, meaning they don’t change over time; they’re cryptographically verifiable, decentralized and universally dissolvable.
“What we implement on TYS is self-sovereign identity (SSI) but for organizations,” said Mohan Venkataraman, Chainyard’s chief technology officer. “SSI is a mechanism by which…