How blockchain and IoT is making supply chain smarter

A blockchain-based supply chain management system is built on a shared distributed ledger which provides an indisputable record of all the data related to shipment status, truck status, storage environment conditions and more.

IoT sensors are used to collect information relating to environmental conditions, verify how long the cargo remains in a particular truck or at a specific port, and whether or not it’s being tampered with or affected by any means which violates the handling directions. This information can be used to resolve invoice disputes by providing evidence for insurance claims. It also helps companies by assisting them in optimizing their supply chain operations for improved efficiency.

The market for global blockchain technology is expected to grow from USD 315 million just a couple years ago, to 20 billion by 2024. And while consumer IoT is harvesting most of the spotlight, the world of smart wearables and connected home appliances will only represent 22 percent of the full potential of IoT.

Blockchain and IoT together can take supply chain management to the next level. Just imagine how the transportation process can work by implementing both technologies.

Visit: https://www.ibm.com/blogs/blockchain/2019/11/how-blockchain-and-iot-is-making-supply-chain-smarter/