The emerging blockchain industry in Singapore has identified asset tracking and traceability as the key use case for distributed ledger technology, highlighting the need for better supply chain management in a post-pandemic world.
The results were presented on Monday in the “2020 Singapore Blockchain Ecosystem Report” by PwC in collaboration with OpenNodes, IBM, Ernst & Young and others.
The report, which is based on a July survey of industry players, “provides a qualitative overview of the most important developments and trends in Singapore’s blockchain ecosystem.”
When asked about the various uses of blockchain technology, 52% of respondents identified the tracking and traceability of assets – more than any other use case. Of those who made this selection, 52% also identified trade finance as an important use case. 30 percent of respondents selected four or more applications, an indication that blockchain use cases are interrelated.
The survey results show that the potential of blockchain technology lies in how traditional workflows can be transformed across different industries and organizational functions.
Supply chain tracking is routinely referred to as one of the main use cases of blockchain technology in times of highly complex and fragmented logistics networks. This is because, according to OpenText, supply chains are “no longer a linear and sequential chain from raw material to end product”, but a “multi-layered ecosystem of suppliers, partners and customers”.
In a blockchain logistics report for 2018, the Maersk shipping company says:
“A simple shipment of refrigerated goods from East Africa to Europe can transport nearly 30 people and organizations with more than 200 different interactions and communications between these parties.”
Almost half of PwC’s respondents believe that blockchain adoption will increase in the next three to five years. Interestingly, companies headquartered in Singapore are more optimistic about the industry’s outlook over this period.
The acceptance of blockchain in Singapore reflects his positive attitude towards new technologies and his longstanding commitment to innovation. As Cointelegraph previously reported, the Singapore government has been trying to clarify the blockchain and cryptocurrency industries – a move that could attract more businesses to the island’s island city-state.
The developers of the Singapore Ecosystem Report did not immediately respond to a request for comment.