Ninety percent of blockchain-based supply chain projects are faltering because they cannot figure out important uses for the technology, research firm Gartner said on May 7.
The second-largest supermarket chain in the U.S. has decided to test the power of blockchain technology on one of the most dangerous foods of 2018: romaine lettuce, which killed five Americans and sickened 282 over the course of two Shiga toxin-producing E.coli outbreaks, one beginning in the spring and the second before Thanksgiving.
While blockchain technology has only just begun to gain a foothold in the supply chain management industry it will surge dramatically over the next decade, according to a new survey by logistics and supply chain association MHI and consulting firm Deloitte.
The CEOs of Mastercard and Wells Fargo echoed skeptical comments on the utility of blockchain technology made earlier this week by Bank of America’s head of technology. Speaking to CNBC on March 28, Wells Fargo CEO Tim Sloan said that while ignoring blockchain would be a “bad idea,” the technology has been “way oversold.” Mastercard CEO Ajaypal Banga added that blockchain technology has “interesting possibilities,” but said that “the business model is not proven.”