International corporations are turning to blockchain solutions to manage their supply chains. Supply chain blockchain solutions offer solutions for tracking and authenticating materials through each stage of the supply chain, as well as payments.
Blockchain payment solutions can increase efficiency in the supply chain by triggering automatic payments from customer to vendor in particular situations, such as with delivery of a specific item.
Tracking and authentication solutions on the blockchain intend to help companies prove a product or material is authentic. Many supply chain cryptos also help companies track their materials through each stage in the supply chain. This tracking data also aids in product recall accuracy and environmental impact tracking and reporting.
Ethereum (ETH) ($393 billion market cap) - Ethereum’s ERC-721 non-fungible token (NFT) standard allows for tracking everything in a supply chain efficiently. ERC-721 was used by Coca-Cola for a bottling supply chain test.
VeChain (VET) ($7 billion market cap) - Crypto project designed with supply chain management as a core functionality that has developed partnerships with major corporations in China and worldwide. VeChain allows companies to track materials throughout the supply chain in real time using real-world sensors and scannable QR codes.
IOTA (MIOTA) ($4.3 billion market cap) Private blockchain solution intended for enterprise customers with trade secrets and proprietary data. IOTA has established partnerships in agriculture and fashion.
Several smaller projects that focus on specialty business solutions have also gained traction: