Increase Supply Chain Efficiency Using Blockchain

To solve supply chain visibility issues, blockchain solutions are now being explored by top names in the industry in an attempt to transform the supply chain and logistics industry.
Blockchain Illustration 3

The global supply chain and logistics market surged past $8.1 trillion in 2015 and is set to exceed $15 trillion by 2023, according to a report from Transparency Market Research.

Supply chain management, which involves controlling a product's flow from the sourcing of raw materials to the distribution of the final product to the consumer, can be extremely complex. Some supply chains involve hundreds of processes carried out by several companies in numerous geographic locations.

However, despite the rapid growth in this already huge industry, there has not been much groundbreaking innovation since the introduction of the shipping container in 1956. Manual, paper-based processes are still common in many areas of supply chain distribution. These outdated processes often lead to inefficiencies as the supply chain is slowed down by the large and complex network of point-to-point communications.

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