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Understanding the viability of blockchain in supply chain management

August 23, 2019 / Andrew Ross
SHARESHARESHARE

Blockchain has a lot of hurdles to overcome before it becomes mainstream; a recent Gartner supply chain technology survey of user wants and needs found that only 19% of respondents ranked blockchain as a very important technology for their business, and only 9% have invested in it. A modern enterprise’s supply chain is far from a simple linear chain; rather, it’s a complex, demand-driven network. With all this complexity comes a host of challenges, ranging from monitoring the environmental conditions and location of deliveries to ensuring the safety of workers, all while making sure products are being moved from one place to another efficiently and cost-effectively. One of the main challenges the supply chain leaders face today is the lack of end-to-end visibility. With numerous moving parts and different partners and suppliers involved, supply chains get out of hand easily. For the vast majority of enterprises, interactions in their supply chains are going unmonitored and the silos between the different stops along the fulfillment process is directly causing business inefficiency.