Perspectives
Applying Blockchain to Supply Chain
By Shawn Mahon | March 17, 2021 | 7 min read
How the blockchain can help executives rethink how they manage their supply chains.
The Cost of Doing Business
Today's supply chain environment is filled with expensive redundancies and obscure logistics. Multiple intermediaries add gross time and money spent reconciling data. The global financial impact is estimated at several hundred billion dollars.
Blockchain in Supply Chain
Blockchain consolidates intermediary records to a single trusted record that permissioned parties can audit. Data integrity is built into the system, providing inexpensive tracing and verification.
Implementation Challenges
Convincing all stakeholders to adopt blockchain and the financial costs of digitizing assets remain significant. However, COVID-19's disruption exposed inefficiencies that make the case for blockchain-based transparency stronger than ever.