NEW YORK - International Business Machines Corp announced on Monday a new blockchain network aimed at improving manual and cumbersome supply chain management.Technology research firm Gartner Inc said by 2023, blockchain will support the global movement and tracking of $2 trillion of goods and services annually.
Chainyard, a blockchain specialist firm, is providing the technology and building the network using IBM's blockchain platform. The other companies, meanwhile, are putting their supplier data onto the network and contributing their expertise to expand the network. By using a decentralized approach and an immutable audit trail built on blockchain, the company said the new network would eliminate manual time consuming processes and help reduce the risk of fraud and errors.
"By moving this process onto the blockchain, we're taking much of that burden and shifting it to the network, where it can be shared in real-time more securely and efficiently."