The Value of a Blockchain-Based Identity

by April Harrison

A trusted supplier identity is the keystone of our Trust Your Supplier (TYS) platformTYS provides organizations a trusted exchange of information across an encrypted blockchain environment to minimize risk & fraud throughout the onboarding and life cycle of partnerships. Our value proposition relies on ensuring identity control and privacy for network participants. 

The exchange of information is crucial to business operations in all industries. Conventional systems are open to fraud, error and inefficiency. These manual processes lack data security and each participant has their own separate database, or ledger — increasing the possibility of human error or fraud. Shared databases cannot prevent malicious activity. Hacked entities can corrupt or destroy data in the shared database, making it invalid for everyone involved. 

Blockchain is designed for trust and secure trading, reducing vulnerabilities. It provides clear provenance and a single, shared, tamper-evident ledger. Once recorded, transactions cannot be altered. This is ideal for supporting auditing capabilities as it provides an immutable relationship history between parties. 

The TYS supplier profile data is sovereign, owned & controlled by the supplier, who can selectively share additional profile information with companies they choose to connect with on the network. 

This single, digital identity for suppliers can be shared with multiple buyers and business networks. A 2-tiered supplier profile approach allows suppliers to be discovered by new customers without handing over unlimited access to their data. 

To learn more about this innovative new approach to supplier identity that is transforming supplier relationships, please visit www.TrustYourSupplier.com 

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