In an article published in Industry Today on May 17, Cole Callihan discusses the potential for blockchain technology to improve supply chain management, fueling technological development across many industries.
With blockchain technology, every transaction is permanently recorded and time-stamped, creating a shared record of all blocks for any participant to check at any time. Improved traceability, digitalization and automation are just a few of the many changes on the horizon with this new technology.
There are a few projects that are already underway, such as Walmart and IBM partnering to develop blockchain platforms to enhance the traceability of produce.
“Widespread adoption will depend on the ability of networks to handle transactions on a large scale quickly and the ability of different participants to share information and transactions easily across different blockchain platforms. Multiple efforts are underway to address these challenges,” explains Cole.