Vodafone, the multinational telecom company, is traversing blockchain technology in an endeavor to boost its supply chain and verify its suppliers.

If it blends blockchain with its internal processes, it will manage to improve its supply chain. Recognized as Trust Your Supplier, a digital identity platform, they can endorse and validate suppliers, as per a Vodafone release on March 6, 2020.

Criteria for Diversity to Be Implemented

In the same statement, Vodafone also revealed that it is executing diversity criteria to control decisions on acquisition, all while not neglecting the standard criteria that incorporate safety, value, technology, and delivery when suppliers are summoned to manage the business.

Formed last summer by tech behemoth IBM and Chainyard, a blockchain company, Trust Your Supplier does not only have Vodafone as a founding member. In contrast, its founders include Lenovo, Schneider Electric, Cisco, Nokia, and even one of the most significant pharmaceutical companies in the UK, GlaxoSmithKline. And these are only some of the big names behind it.

The Trust Your Supplier platform’s principal objectives are eliminating manual processes than spend too much time and decreasing the risks of errors and fraud.

Blockchain Adopted by the Telecom Sector

Telecom providers from all over the world are using blockchain more and more, and even for other than their supply chain. For instance, Telefonica closed an alliance with the Association of Science and Technology Parks and provided access for about 8,000 Spanish firms to its blockchain.

The largest telecom firm in South Korea, KT, was about to start a blockchain-based currency for the city of Busan on December 30, stating the currency could have been applied with any credit card terminal, particularly more at small local business and less at larger retailers so that shopping with enterprises run by families or individuals and not corporations would be boosted.