Blockchain, the technology underpinning bitcoin and other cryptocurrencies, for years has been viewed by some companies as a way to drive industry-transforming projects, among them the tracking of assets through complex supply chains. So far, that hasn’t happened, writes The Wall Street Journal (Dec. 16, 2022).
The latest effort to run aground was that of Maersk and IBM, which hoped to follow shipments via the blockchain. Another big effort, Walmart’s attempt to track groceries on the blockchain, continues, but very slowly.
“There’s not one company that has really shown, let’s say, a material change,” said Moody’s VP, of blockchain efforts in supply chains. It has been slow going or worse for big bets on blockchain for a number of reasons: the complexity of the technology, the time required to get a blockchain into operation and the difficulties in enlisting participants.
This post provided courtesy of Jay and Barry’s OM Blog at www.heizerrenderom.wordpress.com. Professors Jay Heizer and Barry Render are authors of Operations Management , the world’s top selling textbook in its field, published by Pearson.