More broadly, blockchain also modernizes global business by providing traceability and transparency within every step of the supply chain. Blockchain is ideally suited for supply chains because it streamlines paper-based processes while also introducing greater security and transparency.
Global supply chains tend to feature an array of complex agreements, contractual obligations and documentation that collectively require huge amounts of time and money to manage. These efforts can be greatly reduced using blockchain, which introduces order, simplicity, trust, visibility and automation.
Pharmaceuticals giant Bayer, for example, has completed a proof-of-concept that accelerated its ability to locate products within three days, greatly enhancing efficiency and security. Multinational retailer Carrefour, meanwhile, is using blockchain to enable consumers to trace the journey of a select line of products from farm to supermarket.
Prepare for the potential
There are two things to understand about blockchain. First, blockchain technology is here to stay. There are many potential use cases and, while there are barriers to widespread adoption at present, the technology is evolving rapidly.
Second, no industry will be immune. Some industries will be disrupted faster than others. Now is the time for you to learn about blockchain technology and how it could affect your markets.
Formulate a plan to prepare for blockchain’s potential benefits and disruptive forces, including developing blockchain-related competencies. Assess whether you have a ready supply of talent available to act on these technologies or a pipeline you can tap for support. Arming yourself with this knowledge and making timely plans will help to position your company in the vanguard when blockchain becomes mainstream.