The Rise of Cryptocurrency in the Supply Chain

From simplifying supply chain management and managing multiple cloud platforms to tracking pharmaceuticals from Point A to Point B, blockchain and cryptocurrency work hand in hand to ensure the safe and effective movement of goods through the cold chain.

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Cryptocurrency has been all the rage in the stock markets these days. Earlier this week, Bitcoin reached $50,000, making it the world’s No. 1 digital asset.

Tesla founder Elon Musk urged dogecoin owners to sell their holdings.

And, companies ranging from Microsoft and Samsung to Morgan Stanley want a piece of the crypto action.

Case in point: a report from International Data Corp says that by 2022, total blockchain spending will reach $12.4 billion.

Earlier this year, our associate editor Brielle Jaekel wrote about the future of cryptocurrency and its ability to maintain authenticity and traceability throughout the supply chain.

From simplifying supply chain management and managing multiple cloud platforms to tracking pharmaceuticals from Point A to Point B, blockchain and cryptocurrency work hand in hand to ensure the safe and effective movement of goods through the cold chain.

But, how does its existence and use apply to the transportation and supply chain markets?

In a poll conducted on LinkedIn, 75% of respondents see cryptocurrency becoming more commonplace in the transportation and supply chain market.

For instance, Do Freight Transportation (Doft) developed Doftcoin, which is cryptocurrency for truckers, carriers and shippers in the trucking community.

TruckCoin is said to be the next generation of digital currency in trucking.

And, LaneAxis consists of a shipper-to-carrier direct optimization blockchain network powered by smart contracts.

Even universities across the United States are adding blockchain-related classes to their catalogs. 

“Blockchain-driven innovations in the supply chain will have the potential to deliver tremendous business value by increasing supply chain transparency, reducing risk and improving efficiency and overall supply chain management,” according to this Deloitte study.

The future of the supply chain includes cryptocurrency. Now, it’s just a matter of who’s in and who’s out.

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