Here are some current use cases of how blockchain is being applied in supply chain management.
IBM, Microsoft, Walmart, JPMorgan Chase, Visa, and De Beers are leveraging blockchain technology to enhance operational efficiency and transparency across various industries.
IBM
Focuses on end-to-end blockchain solutions through its IBM Blockchain platform and Hyperledger Fabric, enhancing supply chain transparency and securing financial transactions. Through initiatives like
IBM Food Trust, they have enhanced food traceability, ensuring that consumers can trace the journey of their food from farm to table.
MICROSOFTIntegrates blockchain into its Azure Blockchain Service, aiding the development of decentralized applications and automating processes in multiple sectors.
The
Azure Blockchain solves global supply chain problems such as ethically sourced coffee, where consumers want to know exactly where their beans come from, ensuring fair wages for farmers and sustainable practices.
Tracking this journey with traditional methods is complex, prone to errors, and lacks transparency.
WALMART
Uses blockchain for its Food Trust system, improving
food traceability and safety in its supply chain.
JPMORGAN CHASEintroduced JPM Coin for
real-time payments and developed the Kinexys platform to streamline financial operations. JP Morgan Payments has launched a
supply chain finance solution (SCF) integrated directly into Oracle’s cloud-based enterprise software. Logistics company FedEx is the inaugural client for the new system.
VISA'S B2B CONNECT PLATFORMUses blockchain technology to enhances cross-border payments, improving security and reducing supply chain costs. It provides predictable, irrevocable payments with clear fees and exchange rates, utilizing a single connection to a global network to manage liquidity and improve operational efficiency for supply chain finance.
DE BEERSLaunched
Tracr to track diamond provenance, addressing ethical concerns in the industry.
These implementations illustrate blockchain's transformative potential across diverse fields.