Big Wigs in Supply Chain Industry Focus on Blockchain Technology, New Survey Reveals

Big Wigs in Supply Chain Industry Focus on Blockchain Technology, New Survey Reveals

More than 50% of the top companies in supply chain industry look forward to utilizing blockchain technology to improve their operations, in one way or the other.

INTTRA, a software company, recently surveyed top 130 companies in the industry, only to find out that more than 53% of the leading senior-level executives in the shipping industry favor Blockchain technology over other technologies.

Other results showed that about 82% of them are searching new ways to incorporate automation and digitalization in their day-to-day operations. Moreover, 51% are focused on improving analytics and reporting.

VeChain, Modum, and WaBi are some companies designed keeping the above in mind. As a matter of fact, VeChain, a Chinese Crypto Startup has just seen big investments coming in from one of the Big Four Giants ‘PwC’.

Use of Blockchain Technology in the shipping industry will not only bring transparency and efficiency to the system but will also help combat counterfeit products, which in return will help maintain the integrity of food and pharmaceuticals. The same can be said for a range of industries.

To keep a track of shipments, these startups use distributed ledger technology combined with RFID chips, with the exception of Modum; Modum uses IoT sensors combined with blockchain tech to make the process more efficient. OriginTrail is yet another blockchain-based solution aimed at providing companies a way to share data seamlessly. Meanwhile, Ambrosus Network relies on RFID and NFC tags to collect data.

Even the US Congress is focusing on how blockchain technology can boost growth in the supply chain industry and improve the standards. A hearing on the matter is soon going to be held on May 8 by the Subcommittee on Oversight and Subcommittee on Research and Technology. The general public is free to watch the live stream of the event here.

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