3 recent developments in blockchain in supply chain

Blockchain continues to slowly move into the healthcare sphere. However, the technology is rapidly being used in the financial and trading industries.

One area blockchain continues to show promise in is supply chain, according to THOMASNET. Here are three supply chain and logistic operations that have benefited from the use of blockchain:

1. Shipping: Maersk, a shipping giant, teamed up with IBM and 94 other organizations to form a blockchain-based trading platform. The goal was to create an end-to-end supply chain solution.

2. Fair Trade: Blockchain is beginning to disrupt coffee farming and distribution by offering transparency as to where the coffee is grown, processed and brought to market.

3. Pharmaceuticals: Within healthcare, pharmacy supply chain may hold the most promise for blockchain. A joint venture between Pfizer and Genentech was launched in 2017 to provide an open and decentralized network for supply chain companies.

The blockchain network was created to provide compliance and regulations to ensure the security of pharmaceutical supply. Additionally, the system aims to improve patient safety and simplify payment process.

To read the complete report, click here.

More articles on supply chain:
Supplies of bladder cancer drug are dwindling
Washington faces critically low blood supply
Supply chain savings tip of the week: Manage your total transportation spend

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