Blockchains work especially well for global supply chains where funds are transferred everywhere. According to Forbes, “Ultimately, blockchain can increase the efficiency and transparency of supply chains and positively impact everything from warehousing to delivery to payment.”
Consulting firm E&Y states that applying blockchain logic to the supply chain you the foundation for a “radically new approach to supply chain management,” because no single piece of inventory can exist in the same place twice. When you move a product from ‘finished goods’ to ‘in-transit,’ that transaction status is updated for everyone, everywhere (within minutes) and it’s fully traceable back to the point of origin.
So how exactly might blockchain improve the supply chain? Procurement, data and analytics, digital contracts and payments, and many more.
