Bitcoin May 4, 2018 Daily Hodl Staff

Vechain, Waltonchain, Modum, WaBi: Supply Chain Companies Are Focused on Blockchain Tech

More than half of senior-level shipping executives are focused on blockchain technology, according to a new survey.

Neural network software company INTTRA asked 130 big wigs in the shipping industry which technology they are most interested in adopting to improve their supply chain. 53% said they are focused on blockchain.

In addition, 82% said they’re looking at new ways to implement automation and digitalization, while 51% are working to improve reporting and analytics.

Blockchain companies like VeChain, Waltonchain, Modum and WaBi are designed to make the above happen.

The application of blockchain technology in the shipping industry promises to bring transparency to logistics, reducing counterfeit products and insuring the integrity of food and pharmaceuticals, as well as goods across a range of industries.

VeChain, Waltonchain and WaBi pair distributed ledger tech with dedicated RFID chips to give suppliers a secure way to verify whether shipments are genuine. Modum combines IoT sensors with blockchain technology to streamline the supply chain process. Other supply chain-blockchain solutions include Ambrosus Network, which primarily collects data from tags (RFID/NFC), tracers and sensors, and OriginTrail, which aims to use distributed ledgers to give supply chain companies a way to seamlessly share data.

Meanwhile, the US Congress is also looking at how blockchain can boost the supply chain industry. The House subcommittee on Oversight will join the subcommittee on Research and Technology in a hearing on May 8 called “Leveraging Blockchain Technology to Improve Supply Chain Management and Combat Counterfeit Goods.”

The same subcommittees met back in February to take a broader look at how blockchain could reshape various industries.