What: Blockchain is already being used in supply chains to create greater visibility and transparency.

Why it is important: Blockchain technology has the opportunity to unlock a lot of information that is typically lost throughout the supply chain. There are many hurdles to overcome, but each successful use case will create more opportunities for growth.

Blockchain initially gained footing in grocery, where knowing the source of a product can be a matter of life or death. The technology is allowing retailers to quickly pinpoint the source of outbreaks of pathogens like E. coli.

But for blockchain to work across the supply chain, everyone involved must add information about products to it, and make that information accessible to everyone else. Not all players are comfortable with sharing information and there are also complications with governance.

As more and more players see success, such as Walmart with groceries and luxury goods with certification, blockchain will be adopted more readily and extended to new use cases.

Blockchain drives transparency in the supply chain