Blockchain Remodelling Supply Chain
A recent leading industry report has suggested that by 2025 blockchain will be used worldwide by mainstream businesses, as it aims to change supply chain management with transparency, traceability and cost savings.
The study claims that the distributed ledger technology will usher in a new era of trust, as it dominates manufacturing as well as consumer products and retail industries.
Blockchain, which was first associated with Bitcoin and cryptocurrency, enables information to be delivered securely, faster and more transparently. The technology can be applied to critical supply chain functions, including tracking production and ensuring regulatory compliance.
The UK and France currently lead the way with implementation of blockchain in Europe, while the USA is taking the lead in terms of funding blockchain initiatives.
The report concluded that blockchain transformation will mature in 2025, as organisations integrate the new technology and establish policies for privacy and data management.
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