Supply Chain Professionals Are Already Keen on Blockchain Technology

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The links between blockchain technology and the supply chain industry are strengthening fast, with
37% of surveyed firms either now using live blockchain solutions or developing or piloting platforms, per the findings of a new survey of 86 supply chain professionals from around the world.

Source: Adobe/3DJustincase

The survey also found that some 48% of the respondents believe that their organization is likely to invest in blockchain technology within the next two years.

The data was compiled by the United States-based industry association the American Productivity & Quality Center (APQC) and the Supply Chain Management Review.

The survey, which was carried out in April, also found that supply chain industry companies are most likely to look to implement blockchain-related logistics solutions (58%). Procurement followed with 31%, with supply chain planning on 29%.

And it appears that many professionals in this field are already putting their faith in blockchain technology. When asked about the benefits of adopting blockchain in supply chain activities, 78% of respondents, per the report’s authors “said that increased visibility into the real-time tracking of end-to-end product movement is a major benefit of blockchain.”

What is more, 69% of respondents stated that they believed in blockchain’s capacity to help build “multi-tier supply chains and global distribution channels to reduce counterfeit goods and improve product integrity.”

Busting fakes and counterfeit goods is another key perceived benefit for the sector. The report’s authors wrote,

“With blockchain, organizations can track the chain of ownership, making it significantly harder for counterfeit goods to enter the supply chain.”

A similar number of respondents think that blockchain will help improve data and boost process integrity, and should help increase trust and control when it comes to dealing with confidential data.

However, it appears that supply chain industry leaders foresee a range of roadblocks that could hinder blockchain adoption in their companies.

Over half of the survey participants said they expected to “struggle with lack of adoption from other companies.” Just under 50% stated that skillset shortfalls could also implement adoption initiatives.

Other major sources of concern for supply chain professionals include lack of trust among users (39%), with 37% adding that financial constraints could also be prohibitive.

Learn more:
Blockchain Touted As a Supply Chain Fix Amid Coronavirus Pandemic
Food Producers Must Use Blockchain to Win Back Consumer Trust – Report