The Hall of Mirrors

Abstract

Even basic applications of blockchain technology in supply chain— particularly, where contracts occur—can yield substantial cost reductions and efficiency benefits to supply chain operations. This can be done both from the ‘connecting with’ suppliers and customers phase through read/write, and to one point for millions of participants, and the ‘ongoing communication’ phase by enormously reducing transaction volumes and irregularities. The shift to a common blockchain journal of data for all parties—which will avoid unnecessary reconciliation, miscommunication, and poor enforcement of joint contract standards—will create an order-of-magnitude opportunity for those who adopt.