Coronavirus Disruption to Supply Chains and How to mitigate this

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The Coronavirus Pandemic has had a major impact on supply chains around the world, causing serious disruptions. This has gone some way to virtually paralyzing many companies and countries.

The impact of the pandemic on supply chains has been very different  far more wide ranging and devastating than anything ever experienced before.  The Geographic scope has  been immense. The Pandemic  has had and continues to have an effect on countries and organizations around the world

The Industrial scope of the Pandemic has also been huge. It has, in one way or another, impacted almost all manufacturer, suppliers and service providers around the world. The Pandemic has made it harder to get raw materials. Basic items have been also been in short supply

The Duration of the Pandemic to supply chains is also much longer than previous disruptions. Most disruptions tend to be short-term, with the previous longest disruptions to supply chains having only lasted a few months. However the disruption that the Coronavirus pandemic is causing to supply chains looks set to continue in one way or another for quite a while yet.

The major question in the supply chain industry is how do companies mitigate the current disruption caused by the pandemic and protect themselves from future disruptions?

A lot of the answers to these questions lie in technology, and in particular, Blockchain technology. Blockchain provides a range of tools, including:

  • Helping to greatly speed up transactions by eliminating paper trails
  • Facilitation of payment and credit
  • Instant verification of provenance
  • Provision of the ability to tack and trace where products are in the supply chain at any given time

In times of supply chain disruption, these are very valuable features. Blockchain can help easily determine which supplies are available and which are not – in real time.  This is also very valuable in helping to mitigate supply chain disruption

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