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Does blockchain truly hold promise for creating a more efficient supply chain, or will it be dragged down by the lead weight known as Bitcoin?
The recent plunge in the value of bitcoin and other cryptocurrencies has many observers questioning whether blockchain, the distributed ledger devised to record the buying and selling of digital coins, can survive as a standalone concept for managing key business transactions.
In particular, blockchain has been touted as an innovative method for tracing the provenance and journey of products through the supply chain. By uploading relevant data to a supposedly immutable ledger, spread across multiple computers, shippers can prove that certain raw materials and manufactured goods were sourced in a sustainable and ethical manner.
So goes the theory, and there have indeed been a number of successful blockchain pilots in recent years by major retailers such as Walmart and Target, and technology leaders such as IBM.
Blockchain has shown...
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