Specialists highlight the potential of blockchain in the logistics and supply chain sector
22. Mai 2020
The coronavirus pandemic has brought with it obstacles that global supply chains must overcome. In this context, Colombian specialist Manuel Acero Eslava said that blockchain has potential in the logistics sector. This was reported by América Retail, in an article published on May 19.
The article explained that, due to the pandemic, companies are currently seeking to implement intelligent solutions to the social distancing measures that have led to the closure of docks and airports, as well as traffic restrictions. „One of the most attractive solutions that is being tested today due to the pandemic is the use of registries or blockchain databases. This technology could bring companies an optimization of supply chains and offer more efficient product distribution logistics,“ the article noted.
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The publication quoted Manuel Acero Eslava, a Colombian specialist who currently works as a blockchain consultant for supply chains, and who has been researching the possibilities this technology brings to the sector for years.
Manuel Acero stated that „during the last 20 years there has been a lot of talk about improving collaboration, visibility, traceability, reliability and integration of supply chains, but very little has been done about it“. However, he considered that the use of blockchain can be „a light at the end of the tunnel“.
As also noted from America Retail, Acero said: „With the arrival of blockchain to supply chains, many important elements in the generation of value can finally be materialized in one tool. For example, in terms of how to enable instant buy on Bitcoin Circuit, how to buy nem using Bitcoin Era, webtrader 2.0 The News Spy, Bitcoin Profit or trading 212, Bitcoin Evolution 40 tokens, how long to send bitcoin Bitcoin Billionaire, Bitcoin Revolution ripple news, Immediate Edge withdraw to monzo, Bitcoin Trader e segura, countries supported by Bitcoin Code, it forces companies to work as a team around a database where all the flows and transactions that are being executed in the chain, from the supplier to the final consumer, are made visible“.
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According to Professor and Doctor of Finance Ismael Santiago Moreno (Spain), the supply chains that supply much of the world were broken as a result of the Covid-19 Coronavirus pandemic. Moreno spoke with Cointelegraph en Español about what he sees as an opportunity for new global supply chains to be supported by blockchain technologies.
Ismael Santiago Moreno explained that, regarding the optimization of supply chains in an increasingly uncertain and volatile world, some experts recommend making procurement source maps and contingency plans. Having a list of suppliers and the suppliers‘ suppliers allows us to understand the risk of each of the members of the map and to be able to design solution strategies for each case. The coronavirus has demonstrated the vulnerability of having several suppliers in a single location or a single supplier.
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In terms of the solutions that blockchain can provide in crisis situations such as the present one, this technology can be a key to the future management of supply chains. On this, Ismael Santiago Moreno explained: „In 2015, the World Economic Forum predicted that in 2025, 10% of the world’s GDP would be stored in blockchain technologies. The Minsait consulting firm points out that the blockchain will have a great impact in areas such as traceability and last mile delivery. It also highlights a great impact on logistics management itself, international trade, postal services and the transport of goods by any means of transport“.
As a final reflection, he pointed out that, although blockchain is still in a phase of maturation, where it provides greater benefits is in cases where the complexity is greater. Also where there is a strong degree of mistrust between the different actors involved in the processes of integrated logistics, as demonstrated by the crisis of COVID-19.
„Zion Market Research predicts that the supply chain oriented blockchain market will grow at a compound annual rate of 49%. This would increase from 41 million dollars in 2017 to 667 million dollars in 2024“, he concluded.02