In 2017, the global blockchain supply chain market size was valued at $ 93.16 million. If this number sounds stunning to you, think again, because it’s expected tha the blockchain supply market will reach $9,852.91 million by 2025.
What makes blockchain technology so popular and booming within this industry? Firstly, the traditional supply chain industry is in large part outdated, inefficient, and expensive. Secondly, the industry has been faced with fraud, delayed information, and lack of security.
Even so, blockchain-powered startups can transform the supply chain industry through traceability, transparency, security, and efficiency.
So, here are some of them already doing it:
Multichain Ventures – EDEN
Multichain Ventures is an ecosystem consisting of several products and one of them is EDEN, a decentralized network for supply chain provenance. Basically, EDEN stands for EPCIS Decentralized Network, and it provides blockchain infrastructure that can be integrated with any existing supply chain management system. Once integrated, EDEN can increase visibility and provenance of data.
Everledger combines blockchain, AI, and IoT to create a digital record of an asset’s data. It can be, for example, the asset’s origin, ownership, and characteristics. Everledger’s technology can be applied to assets such as diamonds, gemstones, minerals, wines, works of art, luxury items, etc.
OpenPort is one more blockchain-based startup transforming the supply chain industry. Specifically, the platform allows suppliers and transporters to ship their goods with a secure and immutable record of delivery. OpenPort is also attractive to businesses in the supply chain industry for its fast payments with low costs, integration with financial businesses, and end-to-end security.
Insolar is developing public and private blockchain solutions for various industries, including supply chain. Their platform offers some of the best blockchain features such as scalability, security, and interoperability. With Insolar, companies in the supply chain industry can safely exchange and track their data, as well as completely control their assets.
Skuchain is a private blockchain platform that helps supply chain companies with international trade. Also, the platform allows companies to collaborate with one another, but at the same time to preserve privacy of data. So far, Skuchain has developed several products and they include:
- Inventory Tracker
- Transaction Manager
- BOM Buyer
- Z K Collaboration
Blockchain technology continues to disrupt different industries, including the supply chain industry. Evidently, the above-mentioned startups are already showing us the potential and power of blockchain in eliminating inefficiencies within the supply chain industry.
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