A study group formed to look into how the COVID-19 pandemic had impacted IT companies in the United States recommended blockchain technology as a solution. The study group believes that the technology can give these companies real-time visibility into their supply chains.
The study group was formed by the U.S. Cybersecurity & Infrastructure Security Agency (CISA), an agency whose mandate is to improve cybersecurity across all levels of government. It was formed in 2018 by the Trump administration and falls under the oversight of Homeland Security.
In its report titled ‘Building a More Resilient ICT Supply Chain: Lessons Learned During The COVID-19 Pandemic,’ the study group identified 3 key issues that impacted ICT supply chains following the COVID-19 pandemic. They include the need to diversify supply chains away from single sources, lean inventory models that are geared towards cost efficiency and lack of understanding along the supply chains.
In its recommendations, the group cited blockchain as one of the technologies that could provide real-time visibility into logistics and supply chains. The group observed that the pandemic had affected almost every mode of transportation.
For the ICT sector, companies must be prepared for such scenarios “and map out the alternatives that can allow for the supply chain to be restored as efficiently as possible. To further assist in these efforts, companies can utilize technology platforms that provide real-time, blockchain visibility into available logistics capacity. Companies can also study logistics patterns to help identify alternative providers for each key route.”
The COVID-19 pandemic has continued raising the profile of blockchain technology as a solution to many of the challenges most countries currently face. Many governments are already utilizing the technology to offer real-time and transparent access to medical resources, economic incentives and more.
China has been utilizing blockchain to battle the pandemic. As CoinGeek recently reported, blockchain has played an integral part in the resumption of cross-border tourism between Macao and mainland China. Macau’s blockchain-powered health records platform has processed health data for 17 million people in its first month of operation.
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