Modern-day supply chains have resulted in the creation of a globalized world of inter-connected commerce, far beyond anything that the previous generations could have imagined. Indeed the very marvels of global supply chain and logistics industry is providing impetus to growth through trade and commerce, which in itself is fuelled further by consumption and knack for market production. But with all this comes unprecedented complexity, featuring cooperation between multiple parties for transportation of goods around the globe. Supply Chains and Logistics industry faces numerous challenges of maintaining authenticity, visibility into the origin, and asset handling as they cross organizational boundaries.
Traversing multiple geographical (international) locations and spanning over hundreds of stages, contemporary supply chains extending over months depending upon product often include a multitude of invoices and payments with several individuals and entities involved. Blockchains technology with all of its use cases has the potential to transform today’s complex supply chain and logistics industry.