Across all types of industries, blockchain is being touted for its ability to provide secure, transparent, and verifiable transactions across the entire supply chain. It has the ability to impact every aspect of the chain, improving trust, speed, and the reliability of data and transactions. There is a lot of hype surrounding the technology, and a lot of conflicting views on its usefulness. But what are some solid examples that prove blockchain’s ability to live up to its reputation?
Last year, international shipping giant Maersk joined forces with IBM and 94 other organisations to form an industry-wide blockchain-based trading platform. The purpose is to provide the customer with end-to-end supply chain solutions, including freight forwarding and trade finance. While still in its infancy, the platform, named TradeLens, aims to digitise the supply chain, with a focus on the US$3.2tr ocean-shipping industry market.
Another example is how blockchain is now disrupting “big coffee” by offering transparency regarding where coffee beans are grown, processed, and brought to market. One such Software-as-a-Service (SaaS)-based platform is bext360, which can show proof of origin and transport, and use smart contracts to provide payment to stakeholders. Blockchain transparency is becoming a critical tool in supporting small farmers who were previously invisible within the supply chain.