Blockchain technology has ‘great potential’ to help grease the wheels and improve efficiency within the supply chain, according to new research from Hermes.
The findings appear as part of wider research undertaken by the courier firm. The Hermes Barometer, which polled 200 decision makers in the logistics industry at German companies, found that more than a third (35%) saw blockchain as having the potential to bring about major changes in logistics.
This shift is set to go far beyond current digital efforts, the research notes, and is more pronounced at larger organisations. For respondents whose companies have more than 250 employees, this figure rises to one in two.
Increasingly, it is by using various emerging technologies in concert where the biggest long-term gains will be made. As Pat Gelsinger, CEO of VMware put it earlier this year, not only are the likes of cloud, mobile, AI et al important in their own right, but they are making each other better.
Blockchain was, naturally, not the only technology cited which respondents thought could improve the supply chain process – yet many others cited, such as ERP (46%) and RFID (44%) are more traditional in outlook. Perhaps surprisingly, only one in three polled said they were able to identify the value of big data to improve forecasting.
Regular readers of this publication will be more than aware of initiatives taking place across various supply chains, from coffee to cross-border trade. Speaking to this publication in September, Alexander Koppel, CEO of startup Riddle&Code, argued ‘only a few sectors’ will be passed over. “We have identified a dozen key markets that would benefit from the trust and transparency provided by our crypto-hardware,” said Koppel. “In the short term, we believe crypto asset management with cold B2B crypto wallets, supply chain and IoT tagging hold particular promise.”
Hermes is by no means just interested in blockchain technology. The company announced today it is working with IMImobile to help automate customer service through its enterprise cloud communications platform.
You can find out more about the Hermes study here (German).
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