Blockchain's Impact on Supply Chain Management
The gaps and incompetence in the global supply chains are now being exposed as the COVID-19 pandemic and the subsequent economic lockdown pile the pressure on manufacturing, consumer goods, and logistics companies. The urge for improved visibility, automation and provenance through blockchain has never been so high. As governments are trying to contain the spread of Coronavirus, industries are struggling to mitigate the impact of the global health crisis on their supply chains. According to recent studies, the COVID-19 has affected the supply chains of 94% of the Fortune 1000 companies. Even businesses considered to be supply chain and technology leaders are struggling now. Apple is unable to receive the next batch of iPhones, and Tesla has temporarily shut down its Chinese factory. When things go wrong, they do go very badly — and the cumulative effects can cause havoc globally. Crisis such as COVID-19 gives the opportunity to think outside the box and ...