Cisco, the American technical conglomerate, has stopped investigating the use of blockchain technology in finance and has begun researching potential blockchain applications in its supply chain management. This was reported by Anoop Nannra, head of Cisco’s blockchain initiative.
Already, research shows that for distribution in the financial sphere, blockchain technology takes about 25 years. However, it can be widely used in supply chain management in the next ten.
"It's anyone's guess," Nannra said. "When you're trying to drive a mindset shift, it's almost a generational thing."
Although not everyone agrees that it will take a long time to mass-scale implementation of the technology. Cowen, a financial services company, interviewed 23 managers and experts in the field. Their research has shown that on average, the technology will take 5.9 years to become widespread.
Cisco notes that the use of blockсhain reduces costs and improves the efficiency of transactions, because the technology eliminates the need for a third party mediator. However, the company also recalls that blocking is not a universal solution to all problems, and even on the contrary, as in some cases, it may not be the best option.
Recently, it became known that Swissport International AG, the global leader in airport ground services and air cargo handling, announced plans to use blockchain in the field of international cargo transportation. Hendrik Leyssens, head of global cargo transportation at Swissport, believes that blockchain will help “speed up transactions, enhance transaction security, and at the same time unlock cost savings.”
PwC Australia also introduced the blockchain-based ‘Trade Community System’. The new system was designed to link supply chain information using blockchain technology. Its development PwC Australia, the Australian Chamber of Commerce and Industry, and the Port of Brisbane participated.