From interruptions brought on by the COVID-19 epidemic to the increasing complexity of international commerce, the global supply chain sector has confronted enormous hurdles over the past several years. Every difficulty, nevertheless, presents a chance; companies all around are rising to transform supply chains.
Leveraging modern technologies such artificial intelligence, robots, IoT, blockchain in supply chain management will be the main emphasis in 2024 in order to increase efficiency, lower company expenses, and generate more sustainable operations. The top 10 supply chain companies employing blockchain in 2024 will be discussed in this blog together with their impact in this swiftly expanding industry.
Why Startups in Supply Chains Are Thriving
Before delving into the list, let us know why supply chain companies are drawing so much interest in 2024:
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Companies need smarter tools to handle interruptions, such as geopolitical tensions or natural calamities to cut operational costs and operate their business effectively.
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Companies are looking for environmentally friendly alternatives to lower their carbon footprints and also to advertise their product to several markets.
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Startups using IoT, blockchain, and artificial intelligence are providing innovative ideas for supply chain operations' stakeholders.
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Faster delivery, open tracking, and cost-effectiveness are now non-negotiable; so, for companies in this sector, achieving or surpassing consumer expectations becomes a nightmare.
Why Blockchain in Supply Chain?
Before we go into the list, let’s briefly discuss why blockchain is the right match for supply chain management:
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Transparency: Blockchain offers an immutable ledger where every transaction is recorded, providing full traceability of items.
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Fraud Prevention: The decentralized structure of blockchain removes data manipulation, assuring authenticity.
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Streamlined Operations: Smart contracts automate procedures including payments, quality checks, and compliance.
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Enhanced Collaboration: It increases confidence among stakeholders, from producers to retailers, by offering a single source of truth.
Top 05 Supply Chain Startups to Watch in 2024
1. VeChain
Founded: 2015
Headquarters: Singapore
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What They Do: VeChain is a prominent blockchain platform focusing on supply chain and logistics. By merging blockchain with IoT, VeChain offers total transparency across the supply chain. Their ToolChain system helps organizations to trace things from manufacture to delivery.
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Notable Use Case: VeChain worked with Walmart China to track food goods, assuring food safety and authenticity.
Why It’s a Game-Changer:
- Their rich network and relationships with Fortune 500 organizations make VeChain a pioneer in blockchain-powered logistics.
2. OriginTrail
Founded: 2013
Headquarters: Slovenia
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What They Do: OriginTrail has established the Decentralized Knowledge Graph, a platform that facilitates interoperability across blockchains and supply chain systems. It helps firms check product authenticity and assure compliance with industry requirements.
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Notable Use Case: Used by the food and pharmaceutical sectors to validate product data and prevent counterfeit items.
Why It’s a Game-Changer:
- Their focus on interoperability and compliance tracking has made them a go-to solution for areas including healthcare and agriculture.
3. Provenance
Founded: 2014
Headquarters: London, UK
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What They Do: Provenance is a blockchain business focused to increasing confidence in product sourcing and sustainability claims. Their technology allows businesses to share verifiable supply chain information with customers.
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Notable Use Case: Provenance has worked with businesses like Unilever to trace and verify ethical sourcing in their supply chains.
Why It’s a Game-Changer:
- By pooling shipments, Flock Freight minimizes empty miles and emissions, producing a win-win for businesses and the environment.
Read Also: How Does Bitcoin Work? Definition and How to Invest
4. ShipChain
Founded: 2017
Headquarters: Greenville, South Carolina, USA
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What They Do: ShipChain streamlines freight operations by leveraging blockchain to trace shipments end-to-end. Their technology uses smart contracts to automate payments and enforce commercial obligations.
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Notable Use Case: ShipChain has been used in food supply chains to track perishable commodities in real time, assuring quality and saving waste.
Why It’s a Game-Changer:
- Their concentration on freight and real-time tracking puts ShipChain as a vital player in streamlining global logistics.
5. Everledger
Founded: 2015
Headquarters: London, UK
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What They Do: Everledger specializes in tracking high-value assets including diamonds, fine art, and luxury products. By integrating blockchain, Everledger assures that these objects have a confirmed and tamper-proof provenance.
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Notable Use Case: Everledger established a blockchain technology to authenticate the ethical origin of diamonds.
Why It’s a Game-Changer:
- With increased demand for ethically sourced premium items, Everledger’s particular emphasis continues to set them apart.
Key Trends Driving Innovation in Supply Chain Startups
The success of these firms is powered by many major developments in the supply chain sector. These developments are now driving the supply chain sector to the next level:
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Sustainability: A emphasis on lowering emissions and optimizing resource utilization.
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AI and Automation: From predictive analytics to autonomous delivery, AI is revolutionizing logistics.
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Blockchain for Transparency: Improved traceability to verify product legitimacy.
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On-Demand Solutions: Businesses desire flexible, scalable services over long-term contracts.
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Customer-Centric Operations: Faster, smarter, and more dependable delivery are a focus.
Conclusion
The supply chain startups leveraging blockchain are at the vanguard of technological revolution, and these 10 businesses are leading the push. From boosting transparency with blockchain to optimizing last-mile delivery with autonomous cars, these firms are reinventing what’s possible in logistics and supply chain management.