While blockchain is often talked about in relation to cryptocurrency (and grabs headlines for it), it’s already being used in supply chains to create greater visibility and transparency.
"If you think of supply chain today, and the volume of paper and faxes and email and data exchanges and phone calls that actually support the process, it seems pretty obvious that if you could get enough people to streamline those things using a common system and a common application, you could get a whole lot of value out of that process," said Scott Buchholz, emerging technology research managing director at Deloitte.
In "Innovation Driven Resilience," the 2021 MHI Annual Industry Report, MHI and Deloitte surveyed more than 1,000 supply chain professionals worldwide about innovation investments in the supply chain. They found that 10% of companies surveyed plan to invest in blockchain and distributed ledger technologies in the next three years. They also found that 12% have blockchain in use today, and 41% predict it will be in use within the next five years.
While the usefulness is already being seen in areas like grocery and luxury goods, blockchain — and that level of true transparency — is not an easy sell. As the technology grows, though, it may change the definition of visibility in supply chains altogether.
Continue reading: https://www.supplychaindive.com/news/blockchain-drives-transparency-supply-chain/620299/
"If you think of supply chain today, and the volume of paper and faxes and email and data exchanges and phone calls that actually support the process, it seems pretty obvious that if you could get enough people to streamline those things using a common system and a common application, you could get a whole lot of value out of that process," said Scott Buchholz, emerging technology research managing director at Deloitte.
In "Innovation Driven Resilience," the 2021 MHI Annual Industry Report, MHI and Deloitte surveyed more than 1,000 supply chain professionals worldwide about innovation investments in the supply chain. They found that 10% of companies surveyed plan to invest in blockchain and distributed ledger technologies in the next three years. They also found that 12% have blockchain in use today, and 41% predict it will be in use within the next five years.
While the usefulness is already being seen in areas like grocery and luxury goods, blockchain — and that level of true transparency — is not an easy sell. As the technology grows, though, it may change the definition of visibility in supply chains altogether.
Continue reading: https://www.supplychaindive.com/news/blockchain-drives-transparency-supply-chain/620299/
