Global Supply Chains Are About to Get Better, Thanks to Blockchain

Blockchain technology is uniquely suited to create efficiency improvements in supply chains, so that we end up with dynamic demand chains instead of rigid supply chains — resulting in more efficient resource use for all. But challenges lie in the development and governance of the technology. Even before governments can be convinced to support this effort, and to do so in a globally coordinated way, industry must agree on best practices and standards of technology and contract structure across international borders and jurisdictions. Any system that promises to remove the inter-commercial frictions that curb trade while also enhancing transparency and control for businesses and their customers is inherently worth exploring. It’s why an increasing number of investors, businesses, academics and even governments are starting to view blockchain technology as a much-needed platform for economic renewal.