One of the most universally applicable aspects of blockchain is that it enables more secure, transparent monitoring of transactions. Supply chains are basically a series of transaction nodes that link to move products from point A to the point-of-sale or final deployment.
With blockchain, as products change hands across a supply chain from manufacture to sale, the transactions can be documented in a permanent decentralized record — reducing time delays, added costs, and human errors.
Several blockchain startups are innovating into this sector: Provenance, for one, is building a traceability system for materials and products, enabling businesses to engage consumers at the point of sale with information gathered collaboratively from suppliers all along the supply chain (and thus substantiate product claims with trustworthy, real-time data).
Others include Hijro (formerly Fluent), which offers an alternative platform for lending into global supply chains, and Skuchain, which builds blockchain-based products for the business-to-business trade and supply chain finance market.
Walmart and Sam’s Club joined IBM’s Food Trust network, which uses a blockchain distributed ledger. The retailers have asked their suppliers, especially those of leafy green vegetables, to add their produce data to the ledger. The system is used to make it easier to quickly trace the origins of food — a key advantage in cases such as trying to trace the source of contaminated produce.
In a different direction, the government of Rwanda is working with UK-based startup Circulor with the goal of tracing and removing sources of funding for conflict materials.
Source: CB Insights