Analysis: Blockchain not a panacea for supply chain traceability, transparency
Block chain is one of the hottest topics of discussion in both the supply chain and finance circles. Of course it’s on our radar because of InterArc’s focus on creating better processes and technology for using data and information in the supply chain.
This is also a topic explored in a recent article by Tech Target: Blockchain not a panacea for supply chain traceability, transparency.
We find blockchain interesting because of its potential applications for not just data like shipping addresses and the contents of ocean containers, but its ability to make data and information more accessible. There are then many obvious extensions possible into freight payment and other areas of trade.
This articles warns that block chain, although simple (in theory at least) is not advanced enough to be the magic bullet many think it is.
“There is still a lack of awareness around [blockchain's] use and, due to its nascent stage, the blockchain ecosystem needs further development.” Pat Bakey President of Industry Cloud, SAP.
The big question is, of course, how well blockchain can fulfill this type of promise. It will be interesting to take part in this seemingly inevitable sea-change for the industry.