Recently, Chainyard integrated with IBM as partners and have developed Trust Your Supplier (TYS) blockchain platform. It was launched with 15 participating companies a few months ago.
In Blockchain in Transport Alliance (BiTA) Symposium 2019, Chicago, the Vice President of business development at Chainyard, Alex Rosen said that this blockchain platform is a trustworthy source from which a supplier can get information to boost and simplify the onboarding, lifecycle, and management of the supplier.
IBM is the first company that allows onboarding suppliers within the system. The company saves a lot of money and time in the supplier onboarding processes. Rosen said that this network would be able to onboard thousands of suppliers in plenty of time because the companies have already committed to using it.
Chainyard is a consulting as well as an implementation provider, which is headquartered in Morrisville, North Carolina. The company has developed more than 24 blockchain projects, and currently, four projects are in production state. The company with 65 employees is working on blockchain projects for four years with the help of Ethereum and Hyperledger.
Chainyard provides a blockchain solution to the logistics providers in which the documents validate many carriers. The process is undertaken while managing risks and regulations. When several parties use different databases to access and manage the data, then the onboarding and updating data process becomes inefficient.
Chainyard provides supplier information as well as Digital Identity (DID). The DID is a persistent identity that cannot be changed under any circumstances. It can be verified cryptographically and is decentralized and universally dissolvable.
Chief Technology Officier, Mohan Venkataraman, said that TYS is a self-sovereign identity (SSI) for the organizations. SSI is a process through which an individual, organization, or any item has an identity that can be easily shared and managed. TYS can be considered as Digital Passports for Suppliers.
Chainyard has built a network for buyers, suppliers, verifiers, and insurers. There is a DID for a supplier, and the insurer provides credentials to the supplier. After that, a verifier verifies the credentials given by the insurer, and then only the buyer trusts the supplier. It is how this network works.
According to Venkataraman, TYS is a process of passing the supplier and business partner by answering all the questions regarding topics like financial compliance, environmental compliance, or diversity. The platform also saves the verification done from third parties.
According to Rosen, a blockchain network is the biggest challenge, and it is challenging to manage all the players in the ecosystem like shippers, consignees, payers, recipients, brokers, carriers, and logistics providers.
The working of TYS includes business objects that are divided into two zones: off-chain and blockchain. In the off-chain zone, the data is maintained but not declared in the blockchain. The data contains the credentials of the member, personal identification, and application-specific data. In the Blockchain zone, the data contains public shared supplier data that is accessible to all the parties. The privately shared supplier data is available to only two parties that are in a contractual partnership. It is a standard application to manage the dataset.