The supply chain ecosystem is increasingly applying blockchain to deal with issues such as data privacy, traceability and auditability.
In 2019, the use of blockchain significantly expanded with retail giants such as Walmart moving into the technology. According to Forbes.com, research and advisory firm Gartner predicted that around 30% of large manufacturing companies will have implemented blockchain-based projects by 2023.
IBM’s Food Trust is one of the most famous blockchain provenance projects targeting large retailers worldwide. Powered by Hyperledger Fabric, Food Trust has 80 members and has tracked more than 1,300 products since it was launched in 2017. Some of its largest partners include Walmart, Carrefour, Nestle, Dole, Driscoll’s, McLane, Kroger and Tyson.
Another blockchain-based project from IBM is TradeLens, whose partners include Maersk, MSC, Hapag-Lloyd, ONE and Global Container Terminals. Focusing on digitizing the supply chain processes and reducing the paper transactions, TradeLens’ network expanded to 150 members operating in 80 terminals and ports in 2019.
On the technology side, more blockchain-based platforms went into production in 2019 to provide support in the supply chain ecosystem for businesses. Apart from IBM Blockchain, other prominent platforms for supply chain management include R3’s Corda, Ethereum-based Quorum and Hyperledger Besu. Largest supply chain finance and trade finance network Marco Polo uses the Corda protocol.
All of these platforms were seen as improving their technologies to ensure better automation and integration with the current Enterprise Resource Planning (ERP) and inventory management systems, Forbes.com said.
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