Some of the main problems of supply chains include market fragmentation and the absence of information and visibility throughout the network. Blockchains and IoT solutions combined can solve these challenges by enabling different parts of a supply chain to be linked.
While IoT technology connect the physical and digital worlds via location tracking sensors and temperature and humidity monitoring, blockchain provides a reliable platform where this data can be stored and accessed in real time.
With bespoke reports powered by IoT and blockchain, Trackster Global in partnership with KPMG, is able to deliver real-time asset optics while providing end-to-end visibility to assist in creating efficiencies and optimisation of trade routes and carrier performance.
According to the research, Blockchain: Key Vertical Opportunities, Trends & Challenges 2019-2030, IoT and blockchain have the potential to save millions of dollars for the supply chain industry just by reducing costs, waste, and offering simpler regulatory compliance. These benefits however, are only the beginning of what seems to unfold into a revolutionary, multi-billion dollar industry transformation.