Blockchain is the major disruptor to the enterprise supply chain sector. This technology, which has existed in almost mythical form for years, now reaches a tipping point; blockchain’s impacts will be felt by every business providing services to or transporting physical goods across multiple platforms. Blockchain, the ultimate in trust, is the underlying technology that will absolutely change every industry, both its participants and its processes. Experts are predicting that blockchain will disrupt the supply chain sector in 2018 and beyond. This technology has existed for years, but now it exists to an actual point of capability. Blockchain’s impact will be felt by every business providing services to or transporting physical goods across multiple platforms.
Benefits of Blockchain technology
Making transactions as fast and frictionless as possible: Building on momentum from last year, blockchain has the potential to disrupt big businesses as represented by the payments sector. By significantly reducing transaction costs, obtaining and recording accurate information, and managing supply chain risk, blockchain offers the opportunity for billions of people worldwide to transact on a quantum fast — potentially even instant. As Simon Robinson — blockchain and fintech lead, Roblox held a webinar this month, exploring how this technology can revolutionise the financial services sector and impact businesses worldwide. “The speed that you can transact has never increased so fast. The technology behind blockchain is growing at incredible speed”. “Blockchain and fintech companies are going to be the first in line” to adopt this technology, he said. 22% of Roblox’s $2.1 billion revenue in 2019 came from payments. And while the company began to pioneer the adoption of blockchain in financial services in 2018, there are still many areas for the banking and fintech industry to adopt and optimise. For Example, as we have moved forward it has been required by regulators that multiple players in the banking and fintech industry innovate and optimise their business models in order to compete for this technology.
Perhaps one key area of collaboration for such industries is through blockchain hubs. Where a large number of blockchain startups cooperate in order to exchange technological expertise and build new business models — thereby bringing down both development costs and development time for their applications.
The future of Blockchain
Blockchain is the Resilient Glue that governs not just data systems, but financial systems, too. Where legacy systems were developed to address one, but antiquated business conditions can necessitate a new, more up-to-date technology solution; blockchain enables customers and incumbents alike to happily co-exist. For enterprises purchasing goods or services, blockchain facilitates sound project management; commercial arrangements incentivised by blockchain facilitate fairer trade. Likewise, for companies that are acquiring or purchasing services, blockchain enables applications tied to immutable, immutable ledgers to meet consistent governance requirements across all their stakeholders and systems. This will transform the supply chain by enabling timely payment of invoices and payments between participants in the supply chain, ensuring safe and efficient movement of goods and services throughout. eMarketer’s preliminary analysis of blockchain financing indicates that the adoption of blockchain will accelerate as companies discover that proof of concepts have already been successfully developed. Blockchain + is an emerging technology that holds the promise of transforming how supply chains work by tapping into the benefits of blockchain and its distributed ledger technology. Such a blockchain could offer a radically new approach to supply chain finance, which could lower costs, streamline operations, and facilitate the settlement of transactions between parties involved in the supply chain. eMarketer’s preliminary analysis of blockchain financing indicates that the adoption of blockchain will accelerate as companies discover that proof of concepts have already been successfully developed.
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