With the dot.com boom of the 2000s, online B2B marketplaces emerged, providing trade and services digitally across many industries. Some of these have become prominent players within their respective industries.

Now, we are witnessing the entry of blockchain into the corporate world in the same way. Last year, some big tech firms like Microsoft and Intel came together to create a system they called the 'Coco Framework'. This system offers organizations the performance, confidentiality, governance, and processed power they seek before transferring their data to a sharing network they do not see.

Blockchain promises to eliminate intermediaries in transactions through transparent and fixed "smart contracts" worldwide. It also has the potential to accelerate and simplify transactions among trading partners. It can increase the traceability of high-value or highly regulated products such as meat, poultry, and pharmaceuticals. While the first application of blockchain is digital currency, the supply chain will be able to take this application to another level. For example, it will allow us to monitor the condition of a high-value and fragile item, or a product that needs to be kept at a certain temperature, as it moves along the supply chain.

Corporate supply chain managers have started to see the positive effects of blockchain on the supply chain. According to a survey (dated May 2017) conducted among managers of 42 global supply chain companies by Chain Business Insights, which offers research, analysis, and market information on blockchain technology, especially for supply chain managers; 43% of these companies aim to use blockchain technology within this year, and 20% within two years. According to the survey answers, the advantages of blockchain technology are:

1. Increasing visibility and transparency in the supply chain (According to 46% of participants)

2. Potential to reduce transaction costs (According to 24% of participants)

3. Playing a role in tracking products throughout the supply chain (According to 80% of participants)

4. A way to share information with suppliers (According to 60% of participants)

5. A way of sharing payment details, such as purchase orders (According to 60% of participants)

The challenges of adapting to blockchain technology are:

1. Lack of awareness and understanding (According to 28% of participants)

2. Lack of standards and interoperability concerns (According to 28% of participants)

3. Regulatory problems (According to 13% of participants)

4. Budget (According to 13% of participants)

Although there seems to be a longer way ahead for blockchain technology to be widely accepted, awareness is expected to increase in the near term thanks to very important features for the supply chain, such as product tracking, monitoring, and verification of the chain of custody.