How Blockchain Can Win the Supply Chain War Amidst COVID-19 Disruptions

Anyone who has been to the supermarket lately understands that there have been massive supply chain disruptions related to the COVID-19 pandemic currently dominating world marketplaces and exacting a hefty toll on the global economy. What you may not know, though, is that it could be much worse.

The truth is that some items have returned to supermarkets rather quickly after brief and somewhat temporary disruptions. Things like essential food items, including bread, potatoes, milk, eggs, cheese, and even toilet paper are beginning to show up in wide supply on supermarket shelves thanks to blockchain technology.

Blockchain technology was becoming more widely used in supply chain distribution efforts prior to the COVID-19 pandemic. Now that there have been significant disruptions to the supply chain, it is being used more widely to help restore order to supermarket shelves, prioritize distribution of goods, particularly, medical supply distribution, and to move essential supplies to various pandemic hot spots around the world.

The technology that has been instrumental in keeping food supplies moving around the globe is now instrumental for managing the distribution of face masks, hospital gowns, antibacterial hand soaps, and disinfectants on a massive global scale.

While there will continue to be moderate disruptions to the supply chain, based on supplies available from distributors who have retooled to help combat the pandemic, the big picture is much better than it would be without the use of blockchain technology to keep the supplies moving and getting where they are needed most.

Another key benefit of using blockchain technology to help with the distribution of goods during these troubling times is that it is more cost-effective. In a world where most nation's economies are essentially closed for business, cutting unnecessary costs is essential.

Using blockchain during this process makes that happen while also providing clear supply lines during transit. This alone provides greater transparency and allowing people more interested in knowing where their goods are coming from to trace origins so they can purchase items made in their own countries. Something American consumers are especially eager to do. This can be attributed to growing patriotism during the current crisis.

When it comes to medical supplies, the vetting process can be laborious and lengthy. It is part of the due diligence process. However, in a day of COVID-19 when the supply chain is experiencing significant upheaval, it is necessary to seek ways to vet new suppliers without the lengthy due diligence process. Blockchain technology also aids in these efforts, allowing hospitals access to new supply chains much faster by sharing data and vital information without worries of certain data falling into the wrong hands.

The world is changing, as is the way we supply our supermarkets, hospitals, medical clinics, and more. Blockchain technology is instrumental in keeping the shelves stocked and the hospitals equipped amidst pandemic at home and around the world.