About Trust your supplier
Trust Your Supplier: The Ultimate Solution for Centralized Planning and Supplier Oversight
In today's fast-paced business world, it is essential to have a reliable and efficient supply chain management system. With the increasing complexity of global supply chains, businesses need to ensure that they are working with trustworthy suppliers who can deliver quality products on time. This is where Trust Your Supplier comes in.
Trust Your Supplier (TYS) is a blockchain-based platform that provides businesses with a centralized planning and supplier oversight solution. It was launched in 2019 by IBM, Chainyard, and several other leading companies in the supply chain industry.
The platform aims to simplify supplier management by providing a single source of truth for all supplier-related information. It enables businesses to verify the identity of their suppliers, track their performance, manage compliance requirements, and mitigate risks associated with their supply chain operations.
One of the key features of TYS is its digital identity verification process. Suppliers are required to undergo a rigorous verification process before they can join the platform. This includes verifying their legal status, financial stability, regulatory compliance status, and other relevant information.
Once verified, suppliers are assigned a unique digital identity that can be used across multiple platforms. This eliminates the need for repetitive paperwork and reduces administrative costs for both buyers and suppliers.
Another important feature of TYS is its smart contract functionality. Smart contracts are self-executing contracts that automatically enforce terms agreed upon by both parties without requiring intermediaries or manual intervention.
This means that once an agreement has been reached between a buyer and supplier on TYS's platform using smart contracts technology; it will be automatically executed without any further action needed from either party involved in this transaction - saving time & money while ensuring transparency throughout every step along this journey!
TYS also provides real-time visibility into supplier performance metrics such as delivery timescales or quality control issues through its dashboard interface which allows buyers to monitor progress against KPIs set out in their contracts.
The platform also offers a range of compliance management tools, including risk assessments, audits, and certifications. This helps businesses to ensure that their suppliers are meeting regulatory requirements and industry standards.
TYS is built on the Hyperledger Fabric blockchain technology, which provides a secure and tamper-proof environment for all transactions. This ensures that all data stored on the platform is immutable and cannot be altered or deleted without permission from authorized parties.
In addition to its core features, TYS also offers a range of value-added services such as financing options for suppliers, dispute resolution mechanisms, and access to a global network of trusted partners.
Overall, Trust Your Supplier is an innovative solution that addresses many of the challenges faced by businesses in managing their supply chains. Its centralized planning and supplier oversight capabilities provide businesses with greater visibility into their supply chain operations while reducing administrative costs and mitigating risks associated with supplier management. With its advanced blockchain technology underpinning it all - TYS is poised to revolutionize how we think about supply chain management!