Blockchain in Supply Chain
The COVID-19 pandemic brought a global disruption to trade, finance, health and education systems, businesses and societies unlike any other in the last 100 years. Multiple national lockdowns were imposed which stopped operations in the supplychain industry. There was a complete or temporary stop in the flow of raw materials and finished goods, and that brought a disruption to the manufacturing cycle.
Blockchain as a novel technology offers the promise of using high quality data to analyze supplychain dependencies. The distributed ledger technology uses real-time data and transparent verification carried out by multiple parties. In combination with other features, such as smart contracts, this could lead to timely resolution in cases of disputes along the supplychain.
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