Blockchain is very convenient for a globalized supply chain, as it allows for the transfer of funds anywhere in the world, without the use of a traditional bank. Tomcar, an Australian vehicle manufacturer, pays its suppliers through Bitcoin.
It is vital to have solid records in the food industry, in order to trace each product to its source. Walmart, for example, uses blockchain to keep track of its pork it sources to China and the blockchain records where each piece of meat came from, is processed, stored, and its sell-by-date. Big food companies like Unilever, Nestle, Tyson, and Dole, also use blockchain for similar purposes.
BHP Hilton, the world’s largest mining firm, made an announcement that blockchain would be used to track and record data better throughout the mining process with its vendors. It will not only increase efficiency internally, it will also allow the company to have more effective communication with its partners.
Blockchain’s transparency is important because it allows the consumers know if they are supporting companies who share the same values of environmental stewardship and sustainable manufacturing. This is what the project Provenance, hopes to provide with its blockchain technology record of transparency.
De Beers, an international diamond giant, uses blockchain to track stones from the point where they are mined, to the point when they are sold to consumers. This way, the company avoids conflicts or “blood diamonds” and guarantees consumers that they are buying a genuine diamond.
Cloud Logistics and many other supply chain startups saw an opportunity to improve efficiencies and reduce costs for the massive supply chain industry by providing blockchain-enabled supply chain solutions. More supply chains will definitely jump on the train as they realize the potential and demand for blockchain-enabled solutions to transform the supply chain and logistics industry.