Blockchain is Ready to Transform the Supply Chain

Blockchain is swiftly emerging as an elixir for many industries worldwide. According to Precedence Research, the global blockchain technology market size was estimated at $4.8 billion in 2022 and will reach around $2,334.46 billion by 2032. It is poised to grow at a compound annual growth rate (CAGR) of 85.7 percent during the forecast period (2023 to 2032).

Major corporations have realized the potential of the technology. For instance, let’s take the case of Walmart. The American multinational retail corporation has been using blockchain technology to not only digitally

transform its supply chain and reduce the time it takes to track the source of food contamination. Walmart now requires all suppliers of leafy green vegetables to upload data onto a blockchain. This helps the company real-time track produce right back to the farm it came from. In batch contamination, the company can trace contaminated food within seconds versus the weeks-long manual process. This is invaluable during product recall.

Walmart, indeed, is not alone; Nestle uses a blockchain to trace the growing origins of its Rainforest Alliance-certified coffee brand. This helps the brand guarantee the sustainability practices of the coffee growing. On the other hand, the consumer can simply scan a QR code on the packaging to view real-time information on farmers, the time of harvest, the roasting period, and even the transaction certificate for their coffee’s specific shipment.

Even universities around the world are in pursuit of novel blockchain use cases. Researchers from Thammasat University, Thailand, have initiated a groundbreaking project known as ‘Online Election System Using Blockchain,’ which is at the forefront of efforts to update and enhance the electoral process.