Trust Your Supplier (TYS) Featured in Forbes Article
Reimagining Supplier Onboarding and Compliance with Blockchain – How Trust Your Supplier (TYS) is revolutionizing the procurement process.
Blockchain is transforming how businesses manage supplier relationships, and Trust Your Supplier (TYS) is leading this change. The blockchain-based platform creates a digital identity for suppliers, allowing them to share information with multiple customers at once. As a result, organizations save time, reduce administrative burdens, and improve data accuracy and security.
The TYS platform emerged in 2018 from a collaboration between IBM and Chainyard. What began as an idea quickly grew into innovation, producing the first decentralized, blockchain-based platform for supplier information management. Since then, the TYS network has expanded to include global leaders such as Lenovo, GSK, Nokia, BT, American Express, and Pearson.
The benefits for both suppliers and customers are clear. For purchasing organizations, onboarding times have dropped by an average of 67%, creating cost savings of nearly $500 per supplier. Meanwhile, suppliers gain the ability to onboard with additional companies almost instantly. This flexibility allows them to start work immediately after closing a deal, while avoiding the repeated effort of sharing the same data across multiple customers.
As the world continues to embrace blockchain technology, the future of digital identity is rapidly approaching. Groundbreaking efforts like TYS point to a new era of data ownership, where suppliers will gain unprecedented control of their information. In turn, organizations benefit from enhanced regulatory compliance, stronger security, and higher-quality data.
The journey toward this data-centric future has begun, and its potential impact is nothing short of transformative.
