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Tech giants IBM have launched a blockchain-based network designed to help governmental agencies and healthcare organizations combat COVID-19.
The solution called IBM Rapid Supplier Connect, is built on the IBM blockchain network and designed to identify new suppliers in a bid to address shortages of medical equipment and supplies required for COVID-19 relief efforts.
Joining the network is expected to take buyers and suppliers approximately 30 minutes, with industry and technical support provided by IBM’s operational support centre to assist with onboarding and getting value from the network.
IBM further stated that Rapid Supplier Connect will be available at no cost until August 31 to qualified buyers and suppliers within the US and Canada. The tech firm has been able to bring over 200 suppliers onboard as they look to add key hospitals and health organizations.
IBM Rapid Supplier Connect to Integrate Traditional Supply Chain within its Blockchain Network
Buyers within the Rapid Supplier Connect network will be able to take advantage of a broader range of suppliers outside their traditional supply chain. The platform also provides a streamlined supplier onboarding process with validation checks and inventory details in real-time.
Suppliers benefit as they access more customers and have access to real-time user feedback on equipment and supplies. In addition, IBM provides accurate inventory features and insights into health organizations that are in shortage of necessary supplies.
Rapid Supplier Connect also integrates seamlessly with existing supply chain networks and payment systems. There is also an option for buyers to use the services of third-party payment service for a fee.
There is also an escrow system whereby funds are secured on behalf of buyers until the goods are delivered and the buyer verifies the order after which funds are released to the seller.
IBM also integrated the Trust Your Supplier blockchain solution for the qualification and identification of suppliers within the platform. This enables better screening of sellers and provides transparency within the blockchain platform.
IBM continues to push the developments of blockchain-based applications and its latest solution displays the potential of blockchain technology in the battle to combat the COVID-19 pandemic.