What about: Blockchain for supply chains

This article was first published on Stories by Monetha on Medium

Lately blockchain has been gaining more and more traction among businesses. True, the same could have been said a year, or even two years ago; but today we’re at a much further stage toward adoption. And while enterprises are still cautious about distributed ledger technology, continuous educational efforts by evangelists such as Deloitte, greatly improved development tools from IBM, JP Morgan, and the like, as well as the increasing fear of missing out are spawning pilot projects throughout a range of industries.

However, none has garnered so much attention as supply chains — the driving force behind much of today’s physical economy. And for good reason: a modern supply chain is an intricate web involving dozens, sometimes hundreds or even more participants across several geographies. By the time an item reaches the consumer, it has already changed many hands; and each step has to be carefully documented to make businesses profitable and consumers happy.

Aren’t they now? They are, to a point; but the status quo of supply chains leaves things to be desired. Depending on your affiliation, you could describe its state being anywhere from improvable to broken. Case in point, there are problems.

Problems with supply chains today

Let’s take this article as an example. In 2008, Chinese officials found that some baby formulas had in them extreme levels of the chemical melamine. By that point it had caused the deaths of six infants, and 300,000 had fallen ill. Not only was it now known where exactly in the supply chain the melamine had appeared, but traders were even able to buy some of the tainted milk that should have been destroyed. After the incident came to light, it caused outrage and severely undermined people’s trust in baby-formula manufacturers.

This is but one example of the many recalls occurring each year. ...

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Stories by Monetha on Medium

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