Blockchain technology has far-reaching effects on a wide array of industries, and the supply chain industry is not an exception. Blockchain technology has the potential to benefit the supply chain industry significantly in numerous ways. Blockchain can be used to bring about an improvement in the transparency in the supply chain as well as traceability, along with cutting down administrative costs. In addition to this, blockchain helps build trust among all the members involved in the supply chain industry.

With the help of blockchain technology and the use of smart contracts, there is complete transparency from the source to the destination in the entire supply chain. Moreover, tracking of assets becomes accurate, and accurate licensing of all products, services, & software. The use of blockchain technology keeps a record of everything that goes on in the supply chain industry. Most importantly, the records cannot be altered, modified, or changed, which proves to be extremely beneficial. Several startups are working towards a common cause which is to transform the supply chain industry by leveraging the potential of blockchain technology. 

So, let us have a look at these top 5 startups that are looking forward to transforming the supply chain industry.

 1.  Everledger

Everledger is a well-known startup offering a specialized platform powered by blockchain. The platform happens to be the place where the supply chain and blockchain meet. Everledger aims to bring about transparency by providing appropriate technological solutions to enhance the level of transparency in the global supply chain industry.

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The purpose here is to contribute much better clarity as well as confidence in the supply chain marketplace where transparency happens to be a strategic imperative. Moreover, Everledger offers sustainability and compliance, thereby helping to build trust in every purchase. 

2.  SyncFab

SyncFab is another reputed startup focusing on end-to-end supply chain traceability with the help of blockchain technology. The startup offers OEM & NPI parts production procurement for supply chain management as well as parts pedigree with blockchain cyber security and digital thread compliance. The specialized enterprise middleware platform from SyncFab permits OEM Procurement as well as NPI Engineering Departments to suitably plan, source, procure, track, secure, and pay for precision parts.

3.  Skuchain

Another name in the list of top startups is Skuchain which offers currency agnostic blockchain for the purpose of giving a liquid supply chain. The specialized currency agnostic blockchain connects procurement & contract management, direct enterprise control of corporate payments, financing arrangements, and tracking inventory in a buildable manner. This, in turn, results in a liquid supply chain, where early payments flow upstream, and data flows downstream in real-time in a manner that has less risk from new pools of capital.

4.  Ripe.io

Ripe.io is a popular startup focusing on the blockchain of food. The startup aims to develop long-lasting trust as well as confidence in the food supply chain via a specialized platform powered by blockchain where everyone can very easily access transparent and reliable information on the origin, journey, and quality, along with the sustainability of food. Ripe.io is bringing about a transformation in the food system narrative by working with each of the participants in the system along the food supply chain for the purpose of building a world where access to data is equal to brand integrity, transparency, security, and better food for all.

5.  CargoCoin

CargoCoin is a famous startup that connects the physical world of trade, transport & logistics with blockchain, which in turn helps replace paper documents with smart contracts and offers highly secure escrow payments throughout the entire process. CargoCoin makes use of the transport platform as an entirely secure transfer as well as storage method by means of smart contracts and a payment provider for transport services & cargoes. The platform appropriately utilizes the power of cryptocurrencies for the purpose of acting as an extremely interactive way of receiving, sending, rejecting, approving, and signing documents via the process.

Closing Thoughts

Reading through the post gives a clear indication of the potential of blockchain technology in benefiting the global supply chain industry. In addition to this, the significant contributions made by the top 5 startups in this field have further elevated the overall utilization of the prowess of blockchain technology in an effective way. Their contributions have played a vital role in enhancing the efficiency of the overall industry.