Matthew Blake, head of the future of financial services at World Economic Forum, said: “Following several years of intense hype, examples of use cases where inefficiencies and challenges are being solved with blockchain are starting to emerge across capital markets. With the future for blockchain in financial services still being defined, a nuanced look at the opportunities this technology offers right now is particularly important for the financial services industry.”
The Continuously Connected Supply Chain revolves around one single solution: attaching a discreet IoT device that tracks goods in real-time, transmitting critical data such as temperature and location, allowing for an alert or notification to be sent the moment any of the necessary parameters cannot be met.
Currently, only vehicles and shipping containers connected through GPS trackers give any oversight of where items are at different points in the journey. But thus far the tracking of individual goods has yet to materialise; without access to this real-time data, inbound goods can be easily decoupled from outbound. In the absence of individual product tracking some businesses also become victim to criminal activity and miss the opportunity to take corrective measures through the rapid responses or systemic changes that tracking through IoT permits.