The global supply chain business has experienced significant hurdles over the past several years—from interruptions created by the COVID-19 epidemic to the expanding complexities of international commerce. However, with every issue comes an opportunity, and businesses throughout the world are stepping up to alter how supply chains run.
In 2024, the focus is on integrating modern technologies like artificial intelligence, robots, IoT, blockchain in supply chain management to boost productivity, cut corporate costs, and create more sustainable operations. In this article, we’ll analyze the top 10 supply chain firms adopting blockchain in 2024 and how they’re creating waves in this fast-growing field.
Why Supply Chain Startups Are Thriving
Before getting into the list, let’s examine why supply chain companies are receiving 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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Businesses are seeking eco-friendly ways to lower their carbon footprints and also to promote their brand to other markets.
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Innovations in AI, blockchain, and IoT are enabling entrepreneurs to offer cutting-edge solutions for the stakeholders in the supply chain operations.
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Faster delivery, transparent tracking, and cost-effectiveness are now non-negotiable, thus fulfilling consumer expectations or exceeding them has become a nightmare for entrepreneurs in this market.
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 Supply Chain Startups to Watch in 2024
1. VeChain
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Founded: 2015
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Headquarters: Singapore
What They Do
VeChain is a major blockchain network 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.
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 collaborations with Fortune 500 organizations make VeChain a pioneer in blockchain-powered logistics.
2. OriginTrail
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Founded: 2013
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Headquarters: Slovenia
What They Do
OriginTrail has established the Decentralized Knowledge Graph, a technology that facilitates interoperability across blockchains and supply chain systems. It helps firms check product authenticity and assure compliance with industry requirements.
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
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Founded: 2014
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Headquarters: London, UK
What They Do
Provenance is a blockchain business focused to increasing confidence in product sourcing and sustainability claims. Their technology allows firms to share verifiable supply chain information with customers.
Notable Use Case
Provenance has worked with businesses like Unilever to track and certify ethical sourcing throughout 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: Blockchain Facts: What Is It, How It Works
4. ShipChain
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Founded: 2017
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Headquarters: Greenville, South Carolina, USA
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.
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
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Founded: 2015
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Headquarters: London, UK
What They Do
Everledger specializes on 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.
Notable Use Case
Everledger invented 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.