INFOGRAPHIC: How blockchain can improve supply chains
Over the past three years, the world’s supply chains have been pushed to the limit. A number of factors including COVID-19, labor and resource shortages, climate change, and the war in Ukraine have put incredible strain on the world's supply chains. The end result has been shortages in everything from semiconductors and lumber to baby formula, and rising prices fueling inflation.
The good news is that blockchain can be a part of the solution by helping build more efficent, reliable, and environmentally friendly supply chains
Transparency
With key supply chain data being stored on an immutable blockchain, consumers and auditors can have easier access to reliable data.
Sustainability
Through greater efficiency, less waste, and increased accountability, blockchain can help build more sustainable supply chains.
Efficiency
Through the use of smart contracts to automate processes and easy access to on-chain data, blockchain can greatly improve supply chain efficiency.
Coordination
By making use of a shared, distributed ledger, blockchain can ensure more seamless coordination between the parties in the supply chain.
Accountability
With improved access to data, companies can be held accountable, and greater trust can be put in certifications such as fair trade and organic standards.
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