7 must-know blockchain trends for 2021

Modern supply chains are complex, multi-organizational beasts. Information has generally existed in silos, with little visibility into any entity other than the one a company is buying from, making it difficult to see potential interruptions coming.

“What you get in a conventional supply chain is a very limited view,” said James Wester, research director for worldwide blockchain strategies at IDC. “It may be good to know about stuff happening way above the upstream vendor that impacts you.”

Not only does a supply chain blockchain network make that upstream visibility possible, it also offers the peace of mind of knowing the upstream data is accurate.

Avivah Litan

“With blockchain, everyone has the same copy of the same data, verified,” Litan said.

Big examples of blockchain networks have been popping up in the supply chains of various industries for a few years now. IBM Food Trust offers inclusion in a food industry blockchain to a consortium of clients. One such client, Walmart, has for the past couple of years mandated that suppliers of leafy green vegetables participate in Food Trust, and it’s expected to add more suppliers to the list. And the pharmaceutical industry is embracing blockchain in a big way, as well.

At the end of these blockchain networks, consumers can scan QR codes to find out exactly how the product they’re buying got to the shelves. They’ll know more about what they’re putting in their bodies, how products were stored and shipped, or whether they were produced with sustainable methodologies and materials.