Supply chain trends are evolving. Louis Columbus, Principal of IQMS—a global software company based in Paso Robles, CA, wrote an article for Forbes about the top 10 ways Internet of Things (IoT) and Blockchain can strengthen Supply Chains. He broke down how these technologies are changing the future of Supply Chains, and he provided compelling charts and statistics to compliment his list. For the full picture of future supply chain trends, check out Louis’ article on Forbes’ website. Here’s a breakdown of what he had to say about future supply chain trends.
10 Ways IoT and Blockchain Will Strengthen Supply Chains
- Combining IoT’s real-time monitoring support with Blockchain’s shared distributed ledger strengthens track-and-trace accuracy and scale, leading to improvements across supply chains.
- Improving inventory management and reducing bank fees for letters of credit by combining Blockchain and IoT sow potential to deliver cost savings.
- Combining Blockchain and IoT is providing the pharmaceutical and healthcare industry with stronger serialization techniques, reducing counterfeit drugs and medical products.
- Improving distribution and logistics, tracking asset maintenance, improving product quality, preventing counterfeit products, and enabling digital marketplaces are the use cases Capgemini predicts Blockchain will have the greatest impact on.
- Combining Blockchain and IoT is enabling manufacturers to pursue and excel at digital twin initiatives across their value chains.
- Overall, 54 percent of suppliers and 51 percent of customers are expecting the organizations they do business with to take a leadership position on Blockchain and IoT.
- Consumer products and manufacturing lead adoption of Blockchain today, followed by life sciences, according to the latest Deloitte estimates.
- There is 32 percent of enterprises that are adopting Blockchain to gain greater speed compared to existing systems, and 28 percent believe that Blockchain will open up new business models and revenue sources.
- Blockchain has the potential to deliver between $80 billion and $110 billion in value across seven strategic financial sectors when supported by IoT—redefining their supply chains in the process.
- Reducing product waste and perishable foods’ product margins while increasing traceability is attainable by combining Blockchain and IoT.