From the course: Practical Blockchain and Cryptocurrency

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Blockchain in the supply chain industry

Blockchain in the supply chain industry - Blockchain Tutorial

From the course: Practical Blockchain and Cryptocurrency

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Blockchain in the supply chain industry

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- All right. I want to talk about blockchain in the supply chain industry. So supply chains use complicated software to keep track of inventory as well as managing that inventory. Today, just-in-time supply, which is one of the most popular types of inventory management systems out there, rely on multiple vendors supplying multiple parts for different products. Think about this. If you're making a car, or you're making an airplane or an aircraft, you're not relying on one vendor. Even if you're Boeing, even if you're Toyota, you're actually relying on parts from multiple vendors all over the world. You need to make sure these parts come in at a very specific time. You don't want them in too early because if they're in too early, you could potentially lose them. They could potentially be damaged. They could corrode. A lot of things could happen, and you may not even have space for them. If you don't have space for them, that means you're renting out warehouses or paying for storage…

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