COVID makes a compelling case for blockchain

Is blockchain the solution to the lack of connectivity and data exchange built into our global supply chains?

The current pandemic has made a compelling case for the wider implementation of blockchain technologies, as it's highlighted a general lack of connectivity and data exchange built into many sectors, including our global supply chains.

"This has become abundantly clear over recent months," Mariam Al Muhairi, project manager at the Dubai Future Foundation, recently wrote in a World Economic Forum (WEF) blog post. "[And it's] quite staggering considering the fourth industrial revolution and Internet of Things (IoT) era we're living through. The fact we can track our Uber driver but not a shipment placed three weeks ago from a department store less than 10 miles from our home is startling, and needs addressing." 

 

Highlighting a lack of transparency

Al Muhairi points out that COVID-19 has highlighted a lack of coherence and transparency. "Within food and beverage, people are starting to question where their food is coming from. International trade is still recovering and we see the same issues with transparency - where are goods coming from, how long do they stay in certain places etc. We also see issues with business continuity - understanding where things are stopping along the supply chain."

She believes that blockchain is the perfect tool in these cases, as it provides one ‘source of truth' in a supply chain process.

"Building a platform on blockchain allows all parts of the supply chain to connect in one place, allows the owners of the platform to know where each part of the supply chain is, the transactions and payments schemes and - if there are IoT sensors - the condition of the goods."

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