How AI and blockchain can transform the supply chain

Modern supply chains have hit a level of complexity that has never been seen before as firms source goods and services globally in a search to find the most reliable but cost-effective suppliers. However, complex supply chains have made it hard to maintain a straight supply chain from raw materials to the final product which, in turn, leads to challenges around ESG and provenance for companies. Customers, companies and suppliers increasingly span industries, demographics and nations. Added to this complexity is the growing digitisation of commerce; the development of IoT technology and advanced personality-based targeted marketing techniques have created an environment where customer markets are instantly available, adaptable and trackable. The value of global trade is in excess of $28trillion p.a. and our supply chains are susceptible, having to adapt to become more digitised in order to meet consumers’ and manufacturers’ demands. Businesses also struggle to comprehend product develo…