You’ve probably been reading a lot about how blockchain technology is set to disrupt supply chain management. On an industry-wide level, that’s true, and is already beginning to happen, but it’s a wholly positive development that will provide substantial savings for the global logistics industry and all businesses that are involved with it.
The concept of a blockchain supply chain solution may seem complex at first, but the idea behind blockchain tech is to make supply chain management a great deal simpler, not more complex.
Our newly-published Insights paper, New kid on the block, takes an in-depth look at the impact that blockchain technology is having on the global logistics industry.
In 2022 the logistics industry’s annual revenue will surpass $15 trillion dollars. Underpinning this is a supply chain management software industry forecast to reach $19 billion dollars by 2021. The market size and potential is immense, but incredibly, the industry is heavily reliant on manual, siloed, paper-laden processes and outdated technology. People are still using faxes and handwritten notes, excel sheets and email. There are a lot of points along the chain where there is a high probability of communication break downs.
The solution is to digitise; to create a digital information supply chain that utilises today’s technologies. Blockchain has a number of benefits that ensure it is a logical inclusion in the mix. However, a pure blockchain solution is still some time away until scalability and transaction speeds and limits are addressed.
Where others are still grappling with the best use of blockchain in the supply chain, at CargoChain we are utilising its strengths and complementing it with additional technologies. One of the cornerstones of CargoChain is allowing parties to store and share large amounts of structured and unstructured data including videos, pictures, and certification documents. This is simply not possible with blockchain currently. We are using blockchain as a trust mechanism to provide proof of cargo’s journey through the supply chain.
If you’re interested in learning about our blockchain supply chain solution and how blockchain can improve supply chain visibility, increase trust and has the potential to save you both time and money then read our insight paper New kid on the block.