In the future, the entire supply chain management infrastructure will likely be done on a blockchain, which will improve traceability and authenticity of assets as they’re distributed to the consumer.
The supply chain is a core aspect in businesses, from raw materials, production and packaging, to transport and customer service. Blockchain is poised to bring a higher level of efficiency to these processes, allowing for better transparency, traceability and flow. This is because currently, supply chain data is fragmented into various ‘data silos’, where limited data interoperability exists. Blockchain is changing all that.
This page delves into the fast-growing list of industries that will benefit from incorporating blockchain into their supply chains, such as: Coffee, wine, cosmetics, cobalt, tuna-tracking, dairy, drugs and diamonds. Eventually, few global or regional industries will remain untouched by the multiple benefits that digital ledgers in distributed networks can bring, to optimize a wide range of operational logistics.
A big reason for this mass disruption is because the current supply chain management industry is often run on near obsolete technology, which hasn’t kept pace with the complexities of an multi-layered global economy. On the current supply chain paradigm, which is heavily segmented between each sector, many challenges exist, such as counterfeiting, contamination, and ensuring the provenance of goods.
Through the decades, this lack of clarity has usually ended up harming the environment, as well as the consumers. It has also made it more difficult for businesses that wish to act in more sustainable ways to operate, as they compete with other businesses that don’t take the full stake-holder point of view into account.
On that same note, thanks to blockchain technology industries will be able to be more transparent, so consumers have a better view of the true lifecycle of a product. As demand for more sustainable and ethical products rises, so will the need for better transparency, which can be greatly enhanced by using public digital ledgers.
To learn more about how blockchain can improve the efficiency of global trade via decentralized digital ledgers, while minimizing fraud and counterfeiting, you can check out some of our supply chain articles, videos, and visual representations.