Supply chains can't rely on blockchain standards set by banking, insurance

If blockchain is going to succeed in supply chain, it cannot rely on the same standards set for banking and finance applications, Gartner said in a new report. Following practices set by other industries could result in many supply chain blockchain projects remaining in the pilot phase until 2022, the report found. Supply chain applications need data on physical products and transportation assets across multiple tiers of operation. Figuring out what data is needed is an important first step to making blockchain a reality, Gartner explained in a press release. Gartner's report suggests blockchain implementation will require more testing than some organizations might have originally expected. But this process can result in a better understanding of the supply chain. "By going through the process of deploying a blockchain pilot, [supply chain leaders] discovered what needs to change in their organization before blockchain technology can be leveraged effectively," Andrew Stevens, a senior research director with Gartner, said in a statement.