New SettleMint Report Unveils Blockchain's Impact in Supply Chain Management

LEUVEN, Belgium, February 6, 2024 (Newswire.com) - SettleMint, the Blockchain Transformation Company, has released the findings from its report State of Blockchain Transformation in Supply Chain. 

The report surveyed 200 IT directors and executives to assess how blockchain technology is being integrated into supply chain management processes. The research aimed to understand the current stage of blockchain maturity in these organizations, the transformative use cases, and the challenges faced in implementation.

Matthew Van Niekerk, CEO of SettleMint, said, “This report marks a significant milestone in understanding blockchain’s transformative role in supply chain management. We are witnessing a paradigm shift where blockchain isn’t just a technology upgrade but a foundational element for future-proofing supply chain operations. The insights from industry leaders signal an inflection point where blockchain adoption can redefine transparency, security, and efficiency in supply chain management.”

Key Findings: 

• 86% believe blockchain technology offers a competitive advantage.
• 71% expect the volume of blockchain projects to increase. 
• 78% have experimented with blockchain technology and of those who have, 71% moved blockchain projects from R&D into production. 
• 68% believe ESG reporting and monitoring is the top blockchain use case. 
• 85% say ESG factors were a primary driver or significant influence on blockchain experimentation.
• For those who have experimented with blockchain, difficulty integrating it with legacy systems is their biggest challenge. 
• For those who have not yet experimented with blockchain, a lack of budget is the top hurdle to starting. 
• Security, scalability, and transparency are blockchain’s biggest benefits. 

To download a full copy of the "State of Blockchain Transformation: Supply Chain" report, please visit https://www.settlemint.com/state-of-blockchain-transformation-supply-chain-download.

Source: SettleMint