Blockchain is Transforming How Supply Chain Giants are Operating – EconoTimes

May 24, 2018

“Blockchain. Blockchain. Blockchain. That’s all I hear about when I go to meetings.” This was Ken Brown’s sentiment during the Global Supply Chain Summit conducted on Tuesday. Brown is the senior vice president of SICPA North America, a supply chain security firm.

The popularity of blockchain among supply chain giants is understandable since the technology offers transparency, precise monitoring, data security, and acceleration of transactions. All of these benefits can drastically improve a company’s operation that is involved in the supply chain ecosystem.

Ralph Carter, FedEx’s vice president of trade and international affairs, said that traditional strategies mostly focused on control and collection of revenues. But because of blockchain enabling companies to operate securely and rapidly in the digital world, border management is being integrated into that design.

He added that efficient borders are required in today’s competitive market in order to stay relevant. “People need to be able to move items in and out quickly,” Carter said.

Indeed, commissioner of the U.S. Customs and Border Patrol Kevin McAleenan said that the proliferation of e-commerce has increased the incoming and outgoing numbers of shipping activities. This, in turn, placed a lot of weight on his agency. He has to keep the trade flowing while simultaneously increasing protection of consumers from counterfeit products, as well as being vigilant of illicit activities.

More at: Blockchain is Transforming How Supply Chain Giants are Operating – EconoTimes

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