How can we shorten the supplier onboarding effort in Third Party Risk Management from the thirty days that is typical today, to only three days?
Together with members of the Pharmaceutical Supply Chain Initiative (PSCI) and other partners, we built an interoperable blockchain solution for TPRM processes that enables faster onboarding and more efficient compliance data management. Based on this, the participating members of the PSCI save valuable time and money.
Suppliers holding a decentralized digital identity are able to re-use answers from standardized self-assessment questionnaires and can present them as credentials multiple times. On the other end, pharma companies can validate the credentials from suppliers in a reliable, automated way. Both suppliers and pharma companies manage their digital identity and associated credentials in Spherity´s interoperable Cloud Identity Wallet. Suppliers and pharma companies can prove the authenticity of shared compliance data by verifying the holder’s and issuer’s identities on the blockchain.
