IBM recently announced the launch of IBM Rapid Supplier Connect, a blockchain-based network designed to help government agencies and healthcare organizations identify new, non-traditional suppliers who address the shortage of equipment, devices and supplies needed for COVID-19 relief efforts. Rapid Supplier Connect is available at no cost until August 31, 2020 to qualified buyers and suppliers in the United States and Canada.
The network will help buyers including hospitals, state procurement divisions, and pharmacies, identify new suppliers of essential equipment, efficiently vet them and understand their real-time inventory availability. The network also helps identify existing supplies and excess inventory going unused, allowing hospitals to make it available to others and redirect supplies where they are needed most. Buyers who access the network can benefit from a broader range of suppliers outside of their traditional supply chain, a streamlined supplier onboarding process, validation checks and inventory information in near-real time.
Rapid Supplier Connect complements existing supply chain networks and their payment systems, however buyers also have the option to use the services of a third-party paymaster, CDAX, which will secure funds on behalf of buyers in a custody and settlement account, holding goods ordered contractually from the supplier under a consignment arrangement until the buyer verifies acceptance of the order and releases funds to the seller. Project N95, which is serving as a clearinghouse for information on COVID-related suppliers will also help with supplier vetting.
