Specialists emphasize the potential of blockchain in the area of ​​logistics and supply chain

The coronavirus pandemic has created obstacles that global supply chains must overcome. In this context, Colombian specialist Manuel Acero Eslava pointed out that blockchain has potential for the logistics sector. This was reported by América Retail in an article published on May 19th.

This medium made it clear that due to the pandemic Companies are currently trying to implement intelligent solutions for social distancing measures that have led to the closure of docks and airports, as well as traffic restrictions. “”One of the most attractive solutions being tested today due to the pandemic is to use blockchain registers or databases. This technology could optimize supply chains for companies and offer more efficient product sales logistics, “the article emphasized.

The publication cited Manuel Acero Eslava, a Colombian specialist who is currently working as a blockchain consultant for supply chains and has been studying the opportunities this technology offers the industry for years.

Specialists emphasize the potential of blockchain in the area of ​​logistics and supply chain
Specialists emphasize the potential of blockchain in the area of ​​logistics and supply chain

Manuel Acero said: “There has been a lot of talk about improving collaboration, visibility, traceability, reliability, and supply chain integration over the past 20 years, but very little has been done about it.” However, he thought about it Using blockchain can be “a light at the end of the tunnel”.

As also noted by América Retail, Acero said: “With the introduction of blockchain in supply chains, many important elements of value creation can finally be realized in one tool. For example, with regard to collaboration, companies are forced to work as a team on a database in which all processes and transactions in the chain are visible from the provider to the end user. “

Broken chains

According to the professor and doctor of finance, Ismael Santiago Moreno (Spain), the supply chains that supply a large part of the world have been interrupted by the Covid-19 coronavirus pandemic. Moreno spoke to Cointelegraph in Spanish about what he sees as an opportunity for new global supply chains to get support from blockchain technologies.

Ismael Santiago Moreno said that with a view to optimizing supply chains in an increasingly uncertain and volatile world, some experts recommend creating maps of the origins of purchases and contingency plans. A list of suppliers and suppliers of suppliers enables us to understand the risk of each individual member of the card and to develop solution strategies for each case. Coronavirus has shown that there are multiple providers in one location or at one provider.

For the solutions that blockchain can offer in crisis situations like the current one, this technology can be the key to future supply chain management. Ismael Santiago Moreno said: “In 2015, the World Economic Forum predicted that 10% of global GDP would be stored in blockchain technologies in 2025. Consulting firm Minsait points out that blockchain in areas like traceability and distribution over the last mile will have a big impact. It also has a major impact on logistics management itself, international trade, postal services and the transportation of goods using all types of transport. “

In conclusion, he pointed out that blockchain is still in the maturity phase, but in cases where the complexity is greater, it offers greater advantages. Even where there is strong mistrust between the various actors involved in the integral logistics processes, as the COVID 19 crisis shows.

“Zion Market Research predicts that the supply chain-oriented blockchain market will grow at an average annual rate of 49%. That would mean rising from $ 41 million in 2017 to $ 667 million in 2024, “he concluded.

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