The management of existing supply chains in terms of the creation and distribution of goods are extremely complex. Depending on the product, the supply chain can span hundreds of phases, multiple geographic locations, excess invoices, and payments that span multiple people and organizations and in a short period. Due to lack of precision and complexity of our current supply chains, there is a curiosity in how the blockchain technology can revolutionize the supply chain and the logistics sector.
Throughout the history of supply chains, innovations have emerged, such as the shift to trucks instead of railways or the advent of personal computers in the 1980s, leading to dramatic changes in supply chain management. As production has grown worldwide and most of it has been produced in China, our supply chains are complex.
It is incredibly difficult for consumers or customers to understand the value of products because there is considerable transparency in our current system. Similarly, it is exceptionally intricate to examine supply chains when there is a notion of unethical and illegal practices.
As blockchain enable transfer of money around the world without the use of a traditional bank, it is very useful for a globalized supply chain. Blockchain transparency is also important to inform consumers that they support companies that share the same values such as sustainable production and environmental management.
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The biggest mining firm around the globe, BHP Billiton, declared that it will use blockchain technology to record and track data of its mining process to its vendors. This will effectively boost the efficiency internally and facilitate the company to have a more convenient communication with its partners.
There are a number of technology giants and startups who have already started their venture towards developing blockchain-based supply chain and logistics solution and services.