How Blockchain can revolutionize supply chain

And it will happen sooner than you think.

Published in El Pais, 5 February 2019.

Over the past few months the interest in Bitcoin and cryptocurrency has understandably waned. Gone are the days of making thousands off little investments as the prices continue to plunge. Unfortunately, this nose dive seems to be a distraction from the technology behind these digital coins. Blockchain, and how it can change our way of life, including saving people from inhumane work conditions and contaminated food.

There are many different types of blockchains suitable for different situations. Some focus on payment platforms, others for storage, but the blockchains that are specifically suited towards supply chain management may be the first to be widely adopted. Manufacturers can attach barcodes to their goods that are linked to their blockchain network that when scanned provides everything about where the product came from and how it got to the end user.

This may seem nifty at first, but it could have wide implications. In situations like food contamination it can be near impossible to determine the source of the outbreak, the result being hundreds of thousands of dollars worth of food are disposed of as a precaution. With blockchain the contaminated food can be directly traced and only the contaminated food would be destroyed. Factory workers would also benefit greatly as consumers will be more aware of the conditions they work in and companies may be forced to chose more reputable suppliers to avoid a public relations nightmare.

When will this happen? Sooner than you think. IBM has already developed a blockchain network specifically designed for food safety and Walmart has already mandated that all its food suppliers must utilize this network by the end of 2019. IBM has also recruited many clients including French grocery chain Carrefour.

Blockchain truly is something revolutionary that is currently taking a back seat to all the headlines revolving around Bitcoin. If we can look past the controversy that is Cryptocurrency and see the technology behind it the potential is limitless.

About Matthew Glezos 404 Articles
Matthew is Canadian and has a Master in Business Administration. He has international experience in marketing and strategy. He has a strong interest in technology and combines it with the business side.

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