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Distributed ledger technologies, such as blockchain, in which immutable copies of ledger entries are shared with all stakeholders, are being used to improve the speed at which members and whole supply chains can react to changes. In addition, the transparency of the entire value chain is being enhanced, as verification can be done at each conversion or value-adding step.
Transparency and visibility across a supply chain will boost trust, which will, in turn, increase the speed at which supply chain processes can be completed, says technology analysis organisation Edge of NFT cofounder Dr Eathan Janney.
“When there is little trust between people, or businesses, relationships move very slowly, as there is uncertainty about what the other party is accountable for and what to expect from the other party. The reverse of this is that, when we build trust and know the parties and what to expect, what can be achieved is incredible,” he explains.
Blockchain brings...
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