Blockchain in logistics
Business across the world typically is done on trust. Historically, in many parts of the world, businesses often didn't have extensive documentation or contractual agreements in place. Most transactions were conducted based on trusted relationships. However, as businesses started to operate on a global scale, there had to be more processes and controls in place to protect all parties involved.
As businesses started to grow beyond borders, with several counterparties involved in a transaction, getting documentation completed often resulted in delays. The bureaucracy added costs and time to the transaction. When a multinational business relied on a supply chain that involved multiple hops across the world, it added inefficiencies to its manufacturing processes, for example. According to the World Economic Forum, reducing supply chain barriers could increase the world's GDP by 5% and global trade by 15%.
In the case of agriculture...
