Supply chains are the latest aspects of business gaining the Bitcoin transformation. While delivering goods has moved to a digital medium, the supply chain itself is set to be transformed using cryptocurrencies to attempt to create an efficient and automatic solution to traditional forms. Maersk, currently one of the world biggest shipping companies undertook the project with the US customs and U.S. Department of Homeland Security Science and Technology Directorate while Foxconn the Japanese electronic manufacturing giant also launched a Bitcoin supply chain via its financial arm.
“By using the Chained Finance platform, every payment, every supply chain transaction, can be more transparent, manageable and easily authenticated. Chained Finance will provide timely, efficient support to far more suppliers of all sizes. It will also help ensure the timely delivery of products to end customers and improve efficiencies across the entire supply chain.”
In the pilot run by Maersk, the blockchain was used to keep track of a designated container to be filled with electrics from Schneider Electric. Blockchain technology allowed the progress to be monitored as officials could examine when the customs had signed off the container and when it was moved to schineders storage facility. This highlights the versatility of crypto and how the pilot has set the precedent for potential uses in various other supply chains…
To conclude the supply chain is the latest target for Bitcoin integration and the benefits are set to be massive. Not only will cryptocurrencies mean supply chains become seamless and benefit the user client side, business are set to gain a unprecedented insight into their goods throughout their delivery and can cut back on many unnecessary costs. Its success in Nigeria has also been speculated as many believe the thriving manufacturing industry could also use Bitcoin as a compliment to international trade to improve the health of the economy.