;
Home / Knowledge / News / Textiles / Blockchain set to enter global supply chains by 2025

Blockchain set to enter global supply chains by 2025

22
Oct '18
Courtesy: Capgemini
Courtesy: Capgemini
Blockchain could become ubiquitous by 2025, entering mainstream business and underpinning supply chains worldwide, says a latest report. Through investment and partnerships, the distributed ledger technology will dominate manufacturing, consumer products and retail industries (including textile and apparel), ushering in a new era of transparency and trust.
 
Currently, just 3 per cent of organizations that are deploying blockchain do so at scale and 10 per cent have a pilot in place, with 87 per cent of respondents reporting to be in the early stages of experimentation with blockchain, says the report released by Capgemini Research Institute.
 
"The UK (22 per cent) and France (17 per cent) currently lead the way with at-scale and pilot implementation[i] of blockchain in Europe, while the US (18 per cent) is a front-runner in terms of funding blockchain initiatives. Leading organisations are optimistic that blockchain will deliver on its potential, with over 60 per cent believing that blockchain is already transforming the way they collaborate with their partners," says the report titled "Does blockchain hold the key to a new age of supply chain transparency and trust?"
 
The study also found that cost saving, enhanced traceability and enhanced transparency are the top three drivers behind current investments in blockchain. Furthermore, blockchain enables information to be delivered securely, faster and more transparently. The technology can be applied to critical supply chain functions, from tracking production to monitoring food-chains and ensuring regulatory compliance. 
 
However, despite the optimism surrounding blockchain deployments, concerns remain around establishing a clear return-on-investment, and interoperability between partners in a supply chain. 
 
"There are some really exciting use cases in the marketplace that are showing the benefits of blockchain for improving the supply chain, but blockchain is not a silver bullet solution for an organization's supply chain challenges. Blockchain's ROI has not yet been quantified, and business models and processes will need to be redesigned for its adoption. Effective partnerships are needed across the supply chain to build an ecosystem-based blockchain strategy, integrated with broader technology deployments, to ensure that it can realise its potential," said Sudhir Pai, chief technology officer for Financial Services at Capgemini.
 
The Capgemini Research Institute surveyed around 450 organisations where blockchain implementation is underway in their supply chain as a proof of concept, pilot or at-scale. The research probed their approach to blockchain, the applications they are implementing and the challenges they are facing in scaling their initiatives. The respondents were drawn from across the consumer products, retail and manufacturing industries. (PC)
 

Fibre2Fashion News Desk – India


Must ReadView All

UK PM Theresa May/Courtesy: Gov.uk

Textiles | On 17th Jan 2019

British PM May survives no-confidence motion

British Prime Minister Theresa May survived a no-confidence motion on ...

Martin Brudermüller, Chairman of the Board of Executive Directors, BASF SE (right) and Gautam Adani, Chairman of the Adani Group signed an MoU ; Courtesy: BASF

Textiles | On 17th Jan 2019

BASF, Adani to evaluate investment in acrylics value chain

BASF and Adani Group have signed a memorandum of understanding (MoU)...

RIL sees 37.1% rise in revenue from petrochemicals

Textiles | On 17th Jan 2019

RIL sees 37.1% rise in revenue from petrochemicals

Reliance Industries Limited (RIL) has witnessed 37.1 per cent...

Interviews View All

Abhishek Samdaria, Reflete

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Top executives, Textile industry, India

Top executives
Textile industry, India

The event should be organised every year

Ajay Ghariwala, Luthra Group

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Cong Zheng,

Cong Zheng

The China Textile Machinery Association (CTMA) is a social-economic...

Deepprakash Agrawal,

Deepprakash Agrawal

Radhey Weaves is a Surat-based manufacturer of brocade fabrics. MD...

Anupam Arya,

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Johan Berlin, Investkonsult Sweden AB

Johan Berlin
Investkonsult Sweden AB

Investkonsult Sweden AB are consultants in the nonwoven and absorbent...

Urs Stalder, Sanitized AG

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Mr Hartmann Huth, Trevira GmbH

Mr Hartmann Huth
Trevira GmbH

Trevira GmbH is an innovative European manufacturer of high-value branded...

Sandeep and Sarah Shaikh Gonsalves, SS Homme

Sandeep and Sarah Shaikh Gonsalves
SS Homme

SS Homme celebrates the craft of traditional tailoring through the bespoke ...

Ritu Kumar, Label Ritu Kumar

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Pranav Mishra, Huemn

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


January 2019

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search