Blockchain tech firm Finboot has partnered with the Digital Supply Chain Institute (DSCI) to work with members on solutions to overcome emerging supply chain challenges.
US-based DSCI is a member-led research institute focused on the evolution of enterprise supply chains in the digital economy. Since the pandemic, global supply chains have increasingly involved more parties either directly or indirectly, often spread across the globe.
The increasing complexity of supply chains has created a range of new challenges for communication and end-to-end visibility. The changing supply chain landscape has made logistics processes inefficient. At the same time, expectations of all participants in the supply chain related to transparency, reliability and service are increasing.
Because of increased globalisation, the growth in online shopping and the number of customers demanding quicker deliveries have drastically increased demand on both supply chains and the logistics industry.
In response, the global logistics industry is also set to grow from €8.4trillion in 2021 to €13.7billion by 2027, according to Statista figures.
Finboot explained that blockchain has the ability to solve global supply chain efficiency issues. Blockchain can enable companies to complete transactions directly, without the need for third parties. It also facilitates increased integration of financial and logistics services, enabling greater data collaboration between stakeholders.
Finboot’s track and trace solution
Juan Miguel Perez, CEO and co-founder of Finboot, said: “Finboot has created a no-Code or low-code blockchain platform called MARCO. Our team has built a supply chain solution called Track & Trace, which is all about supply chain digitalisation and traceability.
“The power of Track & Trace is that it is fully configurable from a front-end interface. Members, partners and customers can build their own workflows, define the assets in their value chains and the data they want to capture. All of this without writing a single line of code.
“Businesses are also struggling with the digital transformation of their supply chains and with the substantial changes they need in terms of transparency and sustainability. Having a forum through DSCI where we can share issues and hurdles that member organizations have in common is very valuable.
“DSCI is looking at the supply chains of the future, the technologies, as well as solutions for the most pressing issues that will move organizations forward.”
Marko Kovacevic, managing director of DSCI, also discussed the partnership. He explained: “Finboot’s expertise and blockchain-powered MARCO and Track & Trace platforms will contribute to DSCI’s work in blockchain-applicable solutions for global supply chains. We look forward to strengthening the capabilities of our members with the knowledge and experience Finboot will bring.”