Now supply chain disruptions are regular occurrences across the globe. Averaging across industries, companies can expect supply chain disruptions lasting a month or longer to occur every 3.7 years, and the most severe events take a major financial toll.
According to Gartner study findings, only 21 percent of survey respondents are willing to consider or adopt early-stage technologies. However, even cautious supply chain leaders must keep an open mind and embrace long-term perpetual change. This is the path to rapid progress and growth.
“Having reminded many companies of the vulnerabilities of global supply chains, both the pandemic and the trade war between the U.S. and China could lead companies towards a more domestic approach to production and sourcing, which might result in a sustained reduction of global trade.
Now people are able to get back to work, this infrastructure ensures economic resilience and lessens the impact of the pandemic. Smart supply chain and smart logistics will become indispensable to a functioning economy in the future.
“Most importantly at this critical juncture of a global pandemic, blockchain technology can provide researchers with a strong and reliable data platform in the form of a shared ledger establishing an autonomous and decentralized peer-to-peer network.”
According to Juniper Research, blockchain will enable $31 billion in food fraud savings globally by 2024 by immutably tracking food across the supply chain. Substantial savings in food fraud will be realized from 2021 and compliance costs will be reduced by 30 percent by 2024.
“Data is a precious commodity in the supply chain. But leveraging its value with blockchain raises commercial and compliance issues, which have the potential to significantly hinder blockchain adoption if left unaddressed.”
“Several enterprises in global supply chains have moved their digitalization focus outwards towards the business networks of which they are part. Supply-chain actors need to work digitally with others across national borders to optimize the flow of physical goods, as well as the complex flow of information and financial transactions.”
The global blockchain supply chain market size was valued at $93.16 Million in 2017 and is projected to reach $9,852.91 Million by 2025, growing at a CAGR of 80.2% from 2018 to 2025.
Juniper forecasts that the number of retailers using blockchain in the U.S. market alone will grow by over 7,500 percent between 2018 and 2023 to reach nearly 15,000 retailers by the end of 2023.