As 2020 has shown, supply chains are both vital and vulnerable, underscoring the need for trust and transparency. To meet that need, blockchain is playing an increasingly prominent role in many supply chains, and Hyperledger technologies underpin most of the biggest and best known networks, including FoodTrust and TradeLens.
But there are many other examples of Hyperledger technologies in action in the supply chain space. Read on for details about a range of #HyperledgerSupplyChain solutions that are powering supply chains and the businesses that rely on them:
Accenture’s True Supplier Marketplace
Inaccurate supplier master data and incomplete risk assessments cost businesses an average of 15 million dollars per year. What if onboarding a vendor and managing their data could be done more effectively to ensure compliance? Imagine a solution where onboarding times drop from weeks to hours, while adherence to risk assessments improves.
With this supply chain transformation in mind, Accenture used Hyperledger Fabric to develop a double-sided procurement marketplace to source, onboard and maintain supplier relationships. By giving suppliers ownership of their own data, the solution creates a shared source of truth between parties that improves risk compliance, speeds time to onboard, and removes the manual effort required to maintain siloed systems. Accenture’s True Supplier Marketplace is live and available now.
DL Freight™
Developed by DLT Labs, DL Freight™ is the national standard for freight invoice management for Walmart Canada and its national network of third party transportation companies or carriers. The system tracks deliveries, verifies transactions, and automates invoices in real time across the network of up 70 different carriers in Walmart’s supply chain.
DL Freight is built on Hyperledger Fabric, an open source platform that allows Walmart to bring together the carriers within its multi-partner freight operations under one architecture to automate and implement universal workflows across the network. At the same time, through Hyperledger Fabric’s unique “channels” feature, the solution allows independent and protected relationships for each organization directly between itself and Walmart, and the information is not accessible to other members.
Within DL Freight, carriers are the peers, and the governance of the platform is controlled by the applicable contracts, as in any conventional business. The difference is that the freight, legal, and finance departments of Walmart, as well as all the carriers, have all agreed that the solution fairly and accurately represents those agreements so it processes them automatically. As a result, it has removed the guesswork and any real potential for dispute over the interpretation of agreements.
Telefónica’s e2e Supply Chains
Today’s supply chains are increasingly global and complex with hundreds of companies involved in the manufacturing and distribution of products and with logistics that expand across borders. In this context, collaboration has become key to streamline operations. To manage the complexity, Telefónica launched a project to transform the way it collaborates with third parties by blockchain-enabling its e2e Supply Chain solution to make it faster, simpler and more efficient.
Trust is at the heart of that collaboration, and, to build that trust, Telefónica selected Hyperledger Fabric as the underlying technology that serves as a secure and transparent single source of truth for all.
Telefónica started using the blockchain-based supply chain solution to support one of its core products – CPE (Customer Premise Equipment) – the routers, decos, and other devices that provide connectivity and services at home to their customers. The company manufactures over 15 million serialized devices a year that are then distributed and installed by a field force of over 30,000 technicians.
Telefónica put this blockchain platform for operations into production in 2019 in Brazil, where the program delivered ROI in under six months.Telefónica is planning to extend the use of its blockchain-enabled e2e solution to the rest of its Fixed Operations and other products in the coming months.
Trust Your Supplier
Just named as the 2020 Winner of Blockchain Revolution’s Innovative Entrepreneurship in Blockchain Award in the Supply Chain Applications category, Trust Your Supplier is an innovative solution developed in a partnership between IBM and Chainyard to address the inefficiencies and risks associated with supplier information management.
During this time of a global pandemic, many buyers are procuring goods and services in the context of a supply constrained situation. This has resulted in substantial challenges in vetting and onboarding new suppliers.
Built on Hyperledger Fabric, Trust Your Supplier provides both a cross-industry network and a blockchain secured platform to speed onboarding and minimize risk.
Blockchain provides cryptographic security that allows suppliers to control access to their single digital identity. Buyers are able to view profiles of their connected suppliers, as well as a timeline of all the various activities that have taken place with this supplier. Writing this information onto the blockchain allows for an immutable record of all the events that have taken place with this supplier and are fantastic for supporting auditing capabilities.
Trust Your Supplier is bringing speed, accuracy and most importantly trust, to supplier information management and the supply chain needs of today’s world.
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Join the conversation about solutions and applications in the supply chain market with #HyperledgerSupplyChain this month on social channels. Or get involved with the Supply Chain Special Interest Group.
Cover image by Free-Photos from Pixabay.