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

95% Britishers want shopping centres for all: Hammerson

Apparel/Garments | On 19th Nov 2018

95% Britishers want shopping centres for all: Hammerson

As many as 95 per cent of British people feel that shopping centres...

Courtesy: Old Navy

Apparel/Garments | On 19th Nov 2018

Old Navy among Best Workplaces in Retail

Old Navy has been listed among the 2018 Best Workplaces in Retail by...

Courtesy: Arvind

Textiles | On 19th Nov 2018

Proposal for India's Arvind Mills unit in Andhra cleared

A proposal by India’s Arvind Mills to set up its first plant outside...

Interviews View All

Representatives, Textile & apparel industry

Representatives
Textile & apparel industry

GST is a complicated and lengthy process

Neel Sawhney, One Friday

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Top executives, Textile industry

Top executives
Textile industry

Textile institutes need to change their curriculum

Harsh Shah,

Harsh Shah

Fynd is the central online shopping destination for fashion, offering...

Italtex,

Italtex

Italtex is a leading studio publishing fabric trend-books since 1959....

Nitesh Mittal,

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Andreas Lukas, Andritz Nonwoven

Andreas Lukas
Andritz Nonwoven

With forces in engineering and process development, Andritz Nonwoven...

Justin Chan & Shyam Gollakota, University of Washington

Justin Chan & Shyam Gollakota
University of Washington

A fabric that can store data without any electronics or batteries has been ...

Melissa Tate, University of New South Wales

Melissa Tate
University of New South Wales

<div><div><div><div><b>Melissa Tate</b>, a well-known scientist currently...

Igor Chapurin, Chapurin

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Wendell Rodricks, Wendell Rodricks

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Bani Batra,

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

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


November 2018

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

news category


Related Categories:

Advanced Search