Tech titan IBM Common Stock (NYSE:IBM) has announced the launch of a new Trust Your Supplier blockchain network which was developed in partnership with Blockchain firm Chainyard and other firms to add more efficiency to supply chain management.

Some of the other companies that are involved in the new supply chain management blockchain platform include tech firms such as Nokia Oyj (NYSE:NOK), Vodafone Group Plc (NASDAQ:VOD) and Cisco Systems, Inc. (NASDAQ:CSCO). Pharmaceutical giant GlaxoSmithKline plc (NYSE:GSK) is also involved with the blockchain project.

IBM built the blockchain platform called Trust Your Supplier in partnership with other firms to improve supply chain management processes. The platform is designed to make supply chain processes more efficient by eliminating time-consuming manual processes while also minimizing error the risk of fraudulent activities. The system will, therefore, make supply chain management processes more affordable.

“Through Trust Your Supplier, both buyers, and suppliers will see the procurement benefits of blockchain through reductions in cost, complexity, and speed,” stated Lenovo’s data center group supply chain officer, Renee Ure.

Ure also noted that Blockchain technology can completely change how firms implement and manage their supply network in the future. The newly Trust Your Supplier platform has a supplier identity feature through which suppliers can share data with any buyer on a permission basis.

The new platform will also facilitate connectivity within the already existing procurement networks by allowing the exchange of the required supplier information for invoice and purchase order exchanges. It will eliminate the need for suppliers to multiple networks and it will also automate the onboarding process for the involved networks.

Nokia Vice President Sanjay Mehta pointed out that working with IBM and the other partners in the Trust Your Supplier blockchain platform is a great opportunity for Nokia. This is because it will help the company optimize its onboarding process and also contribute to its supplier’s experience.

Mehta also believes that leveraging this new technology will provide benefits and also help to overcome challenges that have been persistent in old systems. The launch of the new platform also highlights the increasing involvement of traditional tech companies in the blockchain space.