Looking forward, an even newer technology is set to become an industry standard: blockchain. This database, which is also the technology at the base of Bitcoin, provides a smart contract ledger for the exchange of goods between two parties. As a product is only represented at one place within the blockchain database, both parties can securely and safely manage the transaction. Walmart for example implemented a blockchain-powered supply chain monitoring system in 2019. This smart contract technology required more than 100 suppliers to input detailed information about their products into a blockchain database upon initial distribution, and allows Walmart to closely monitor for spoilage and other red flags along the supply chain.
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