Blockchain in Supply Chain Management: Fad or Potential?
Transcript of Blockchain in Supply Chain Management: Fad or Potential?
BLOCKCHAIN IN SUPPLY CHAIN MANAGEMENT: FAD OR POTENTIAL?
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@XENETA_AS
ABOUTXENETA
At Xeneta we believe there is an untapped potential for everyone in the industry, to systematically learn from our individual and collective efforts. We hold true that "if you cannot measure it, you cannot improve it". That’s why we think actionable metrics is the key to continuously evolve for every business, and ultimately the entire industry. Rethinking global logistics is the vision of Xeneta.
With international experience from the logistics industry, we have first-hand knowledge of the challenges related to high volatility and lack of transparency in the ocean freight market. By combining logistics background and information technology expertise, we found the solution
WE ARE TRANSFORMING GLOBAL LOGISTICS
ARE YOU PAYING THE RIGHT CONTAINER
FREIGHT RATES?
DISCOVER SAVINGS POTENTIAL IN REAL
TIME.
CONTACT US.
SECURITY, TRANSPARENCY OF MOVEMENT THROUGHOUT THE SUPPLY CHAIN AND ELECTRONICALLY INITIATING AND ENFORCING CONTRACTS, ARE VITAL FOR SUCCESSFUL SUPPLY CHAINS. BLOCKCHAIN TECHNOLOGY IS IS FACILITATING VISIBILITY AND EFFICIENCY IN TRANSACTION IN VARIOUS INDUSTRIES.
IN OUR LATEST SURVEY, WE ASKED IF BLOCKCHAIN TECHNOLOGY WILL
HELP EASE AND MAKE ADMININSTRATION WORK IN SCM
MORE EFFICIENT.
“DO YOU EXPECT BLOCKCHAIN TECHNOLOGIES TO REGULATE
AND SIMPLIFY ADMINISTRATIVE WORK IN SHIPPING AND
LOGISTICS/SUPPLY CHAIN MANAGEMENT?”
THE RESULTS WERE AS FOLLOWS: 72% OF RESPONDENTS SAID "YES" WHILE
20% WERE "NOT SURE" AND 8% NOTED "NO".
“I DO EXPECT BLOCKCHAIN TO SIMPLIFY ADMINISTRATIVE TASKS, BUT MORE
IMPORTANTLY BELIEVE IT WILL SERVE TO SIMPLIFY THE PROCESS OF
MANAGING SHIPMENT INFORMATION AND THE FINANCIAL TRANSACTIONS
INVOLVED WITH TRADE.”
KENNETH KOWAL, @LOGISTICSTEK
UNKNOWN. THE PRODUCT AND FINANCE SUPPLY CHAINS RUN
PARALLEL. THERE IS NO LINK OR INTEGRATION. WILL BLOCKCHAIN BE
THAT FIRST STEP TO INTEGRATION? AS LONG AS THE TWO SUPPLY CHAINS ARE SEPARATE, THEN IDEAS AS TO SIMPLIFY
MAY BE PREMATURE.
@LTDManagement
ANOTHER INDUSTRY EXAMPLE WAS PROVIDED BY @NAMENODE5 WHO SUGGESTED WE LOOK INTO WHAT IBM IS DOING WITH THE COTTON INDUSTRY. WE DID AND THANK YOU @NAMENODE, IT IS INDEED INTERESTING!
LAST MONTH, THE SEAM, A COMMODITIES TRADING AND AGRIBUSINESS SOFTWARE PROVIDER, ANNOUNCED IT WOULD FORM A BLOCKCHAIN CONSORTIUM FOR THE GLOBAL COTTON INDUSTRY. THE GROUP PLANS TO WORK WITH IBM TO CREATE A SUPPLY CHAIN AND TRADING ECOSYSTEM.
GUIDE TO OCEAN FREIGHT PRICING TRANSPARENCY
DOWNLOADOUR WEBINAR
BLOCKCHAIN AND THE OCEAN FREIGHT MARKET
MAERSK IS EXPLORING WAYS BLOCKCHAIN TECHNOLOGY CAN
IMPROVE OPERATIONS INVOLVING
PAPER-BASED BILLS OF LADING. THE COMPANY
WAS INVOLVED IN A PROOF OF CONCEPT
WITH BLOCKCHAIN EXPERTISE FROM THE IT
UNIVERSITY OF COPENHAGEN, AIMED TO
REPLACE THE TRADITIONAL BILL OF
LADING.
ADDITIONAL READING
XENETA SOURCES: CAPACITY PULL ON ASIA-EUROPE WESTBOUND POST CNY
CLICK TOREAD
ACCORDING TO IBTIMES.COM, IN THE CASE OF CONTAINER
SHIPPING WHERE THERE IS OVERCAPACITY AND THE
PAPERWORK PROCESSING IS MORE COSTLY THAN SHIPPING THE CONTAINER, THE MARGINS
ARE SLIM.
ANOTHER EXAMPLE WITH THE OCEAN FREIGHT MARKET IS MARINE TRANSPORT INTERNATIONAL (MTI) WHO IS USING BLOCKCHAIN TECHNOLOGY FOR SHARING VERIFIED GROSS MASS (VGM) INFORMATION FOR CONTAINER WEIGHING
IT’S STILL EARLY TO TELL HOW REALLY USEFUL BLOCKCHAIN TECHNOLOGY WILL BE. EVEN THE RESEARCH FIRM, GARTNER, SEEMS A BIT SKEPTICAL.
GARTNER ANALYSTS BELIEVE THAT MANY OF THE SOLUTIONS CURRENTLY BEING DEVELOPED USING BLOCKCHAIN TECHNOLOGY COULD BE DONE USING EXISTING, TESTED AND PROVEN SYSTEMS SUCH AS RELATIONAL DATABASES HOSTED IN A CLOUD.
LEARN HOW XENETA CAN HELPYOU GET INSIGHT INTO YOUR
GLOBAL OCEAN FREIGHT PRICES.
REQUEST DEMO NOW
MAERSK IS EXPLORING WAYS BLOCKCHAIN TECHNOLOGY CAN
IMPROVE OPERATIONS INVOLVING
PAPER-BASED BILLS OF LADING. THE COMPANY
WAS INVOLVED IN A PROOF OF CONCEPT
WITH BLOCKCHAIN EXPERTISE FROM THE IT
UNIVERSITY OF COPENHAGEN, AIMED TO
REPLACE THE TRADITIONAL BILL OF
LADING.
THERE ARE STILL MANY FACTORS THAT WILL NEED TO GO INTO THE APPLICATION. MORE
IMPORTANTLY IT'S GETTING PEOPLE ON BOARD. HOWEVER, IF YOU CAN GET THE ACCEPTANCE IT CAN BE A PROMISING MECHANISM FOR DATA MANAGEMENT
AND/OR RECORD KEEPING
@DHALVORSONBUSH FROM AMERICAN EAGLE LOGISTICS