With all the changes generated in global trade as a consequence of Covid-19, the adoption of Blockchain technology to improve supply chains is imminent.
The Covid-19 pandemic continues to threaten public health, as the world’s economies experience major changes in consumer behavior, patterns, and trade flows.
Faced with this uncertain panorama, importers and exporters are struggling to rethink global trade processes, as well as supply chains.
A situation that contrasts the increase in consumer expenses on certain goods, demand for food, medicines, chemicals and cleaning products.
Due to the uncertainty surrounding COVID-19, supply chain leaders must mitigate disruptions and risks to position their organizations for success through flexibility, creativity, and automation.
That is why in today’s environment, technology plays a fundamental role in managing the entire value chain, anticipating risks and challenges.
Blockchain technology adoption
Companies can leverage data from supply chains to detect inefficiencies, automate decision-making processes, and improve the customer experience.
In this context, the adoption of Blockchain technology continues to increase, with the purpose of empowering, supporting, and eventually automating commercial operations.
According to a Gartner report on Blockchain technology from last year, Blockchain technology will generate more than $ 176 billion in business value by 2025 and $ 3.1 trillion by 2030 worldwide.
Advantages of using Blockchain technology
It provides a more efficient and stable mechanism for tracking data in complex supply chains.
In this way, it increases efficiency and allows human errors to be reduced, as well as allows establishing responsibilities within the chain.
Blockchain technology allows to provide a safe custody of the Items as they move along the chain.
In addition, it significantly reduces the cost of products in transit due to lower documentation costs.
Singapore bets on a Blockchain-based economy
Blockchain Association Singapore, is an initiative that seeks to establish itself as the central nerve of the use of scalable technologies in the city-state and in the world, helping to build a new digital economy.
Dozens of companies already carry out Blockchain activities in Singapore, allowing the country to position itself as a global center in the implementation of this type of technologies.
With the push of the Blockchain Association Singapore, companies operating or entering Singapore will find it easier to take advantage of Blockchain and other scalable technologies to grow and transform their business.