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Supply Chain Professionals Are Already Keen on Blockchain Technology

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.

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,

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