The supply chain market is forecasted to further implement blockchain on a global scale by 60% from 2019-2025 – a six-year window becoming aggressively receptive to information technologies and comprehensive digitization.
Complete transparency, heightened security, and thorough inventory management are immediate sectors within the supply chain being digitally upgraded with multiple pilot blockchain projects that are set to materialize this year (2019).
Walmart, Nestle, BHP, Bumble Bee Foods, IBM, and Microsoft are a handful of the more notable companies testing various aspects of blockchain within their current supply chain to track products and transactions, seamlessly.
“According to the blockchain in supply chain industry analysis, North America accounted for the largest share of the global blockchain in supply chain market in 2018. Key players continue to invest in blockchain technology [thus] increasing adoption of blockchain technology in supply chain. The Asia Pacific region is expected to witness the fastest growth rate due to increased investments in blockchain-based start-ups.” [Business Wire – A Berkshire Hathaway Company]
While encompassing facets of blockchain will inevitably increase over the next several years, smart contracts are expected to cultivate at an exceeding rate – in attempts to speed up transactional and compliant data while conjunctively improving security.
Applicable sectors to be governed during blockchain implementation are as follows:
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Provenance Tracking
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Payments
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Smart Contracts
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Inventory Management
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Counterfeit Detection
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Compliance Overview
Restructuring the business metrics that directly relate to supply chain analysis will be a key feature while employing an efficient blockchain integration. Technological advancements are seemingly inevitable, but maintaining enactments on a smaller, more progressive scale, will help companies to properly manage updates and gauge user error.
If you have any questions regarding your current supply chain, technology currently being used, or how digitization can be efficiently added to optimize your business’s logistics, please reach out to us HERE for a free consultation. Request a solution today!
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