Blockchain appears to be the buzzword of the year, but what exactly is it? How will it affect the supply chain industry?
As a company, we are asking ourselves the same questions and have already taken the next step forward.
When blockchain is applied to a simplified supply chain, the potential improvements are profound.
In theory, every participant of the supply chain can access one linked, encrypted and validated data set, providing everyone involved with elevated efficiencies and guaranteed data integrity.
Sounds great, if there is only one Blockchain for every customer, service provider, and government agency, but there are currently thousands of blockchain experiments going on.
We are asking some big questions:
- How many blockchains will there be in the end?
How many different tools will be used to implement blockchain?
Will these tools be able to interoperate?
Since there is not yet any standardization or governance, who has oversight?
Risks and benefits are at the heart of any new technology and blockchain is no exception.
As it continues to emerge, Expeditors will continue to research, educate leadership and employees, and engage in strategic pilots. Keeping us strategically positioned to take full advantage of blockchain as the dust settles.