The latest developments in supply chain blockchain technology focus on integrating it with IoT and AI, creating "digital twins" or passports for physical goods, enabling tokenisation of assets, and leveraging smart contracts for automated transactions and payments. These advancements lead to enhanced transparency, efficiency, and security across the supply chain, from tracking sustainability metrics to managing recalls and facilitating financing. 

Key developments

• Integration with IoT and AI: Blockchain is no longer used in isolation. It is now commonly combined with Internet of Things (IoT) devices that provide real-time data on location and condition, and Artificial Intelligence (AI) for predictive analytics to optimise logistics.

• Digital Twins and Passports: Blockchain is creating "digital passports" or "digital twins" for products and equipment. These provide a single, verifiable source of truth for an item's entire lifecycle, from its origin to its maintenance, accessible to all relevant parties.

• Tokenisation of Goods: Blockchain enables the creation of digital representations (tokens) of physical assets. This can make transactions faster and more efficient, and also open up new possibilities, such as fractional ownership, according to Deloitte and Oracle.

• Automated Transactions: Smart contracts automate processes, such as payments, once certain conditions are met, speeding up transactions and reducing the need for manual processing.

• Enhanced Consumer Trust: By providing consumers with access to product histories via a simple scan (like a QR code), blockchain helps verify claims about origin, sustainability, and authenticity, building greater trust in brands.

• Simplified Product Recalls: The technology enables faster, more effective identification and location of affected products during a recall, helping companies respond more quickly and protect their reputations.

• Industry-specific applications: Blockchain is used to address specific challenges across sectors, including food safety and sustainability in the agri-food industry, and tracking and authentication in the pharmaceutical industry.