A study of blockchain use in the supply chain has found that one-third of respondents are already implementing the technology, while another quarter indicated they are knowledgeable about it.
The benchmark survey has been carried out by Chain Business Insights, a research firm focused on the application of blockchain in supply chain management.
“Blockchain’s ability to maintain a tamper-proof, timely record of product movements and related transactions is of huge interest to supply chain practitioners,” says Ken Cottrill, co-founder and research principal at Chain Business Insights. “It comes at a time when the industry is under intense pressure to deliver improvements in these areas.”
Just over 40 per cent of respondents reported that they plan to implement blockchain within the next year, and one-fifth intend to implement the technology within two years.
How CBI said “30 per cent of respondents have no idea when blockchain might be implemented, reflecting the uncertainty that still surrounds the technology. Lack of understanding/awareness and lack of standards and interoperability were noted as the top obstacles to adopting blockchain.”
“Blockchain in supply chain and trade finance is definitely in a nascent stage,” said Sherree DeCovny, co-founder and research principal at Chain Business Insights.