Author Don Tapscott’s latest book Supply Chain Revolution highlights opportunities for transformation that blockchain can bring to what the book calls a $50 trillion supply chain industry issue.
Tapscott, who is also co-founder of the Blockchain Research Institute, told Cointelegraph that Supply Chain Revolution is the second book in the series being produced by the BRI, noting that over 100 companies agreed to make their research publicly available to interested readers. While the first book in the series introduced blockchain technology as a whole, the second and third books go into specific industry use cases.
Blockchain can minimize pandemic disruptions
Supply Chain Revolution begins with a detailed forward in which Tapscott explains blockchain’s critical role for supply chain management and how this has been exemplified by the coronavirus pandemic. On the first page, he wrote, “The pandemic has also revealed chinks in our supply chains.”
Although the use cases in the book focus on topics not specifically related to the coronavirus pandemic, Tapscott explained that the book was published early to help readers understand how blockchain can minimize pandemic-related disruptions occurring in sectors like global trade and food traceability:
“The shortages the world is experiencing due to COVID19 shouldn’t be the case, as this stems from supply chain failures and fear driven by a lack of transparency.”
Tapscott goes on to describe the complexities of today’s supply chains, noting that multiple entities are coordinating and conducting transactions through “a Byzantine network of computer systems with disparate applications like email, phone and fax.”
Due to these outdated systems, supply chain processes are slow, expensive and inefficient. This is especially problematic during a pandemic for example, wherein a lack of transparency into supply chains can cause consumers to hoard items out of fear.
Blockchain: The internet of value