A transparent and tamper-proof distributed ledger is poised to transform outdated methods of tracking and authenticating goods in the supply chain
An inherent ability to allow more secure, transparent and easy tracking of transactions and objects has piqued interest in blockchain among global supply chains.
Certainly, many major players have this year declared they are ready to bet big on this form of distributed ledger.
Global shipper Maersk says it will launch an industry-wide trading platform powered by IBM blockchain. The company’s bosses hope it could “form a utility that brings standards across the entire ecosystem”.
Essentially, Maersk wants to digitise the entire supply chain, tracking online and in real time tens of millions of shipping containers globally from end to end, a process that normally involves up to 30 people and more than 200 different communications.
Beyond tracking containers, the cryptography-secured online ledger that blockchain provides, paired with electronic tracking technology, could also prevent product counterfeiting and fraud, putting an end to scams like the 2013 horsemeat scandal or more recent reports that real cat fur is being sold on the high street as faux fur.
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This article also appeared in The Times.