Covering disruptive stories
Very early on in the COVID-19 outbreak – before it had even been labelled a global pandemic by the World Health Organisation – multiple supply chain disruptions were announced as a result of the virus’s impact in China, which naturally had significant implications for global trade. Amazon, the world’s largest e-commerce company, experienced such intense supply chain disruptions in the wake of the pandemic that it chose to temporarily cease the shipping of any items considered non-essential – and it isn’t the only company to do so.
What this means is that while a manufacturer may be able to identify problems with Tier-1 suppliers during a global or regional crisis, they are less likely to know what is going on with those supplier’s other partners, and this is where experts believe blockchain could play a critical role in responding to shocks.
During COVID-19, many manufacturers have realised that this is where the problem lies – not in getting products or services rendered by Tier-1 suppliers but by “their” guys, and therein lies the potential value in leveraging blockchain technology to trace the entire supply chain to identify potential roadblocks.