Distributed ledger technologies, such as blockchain, in which immutable copies of ledger entries are shared with all stakeholders, are being used to improve the speed at which members and whole supply chains can react to changes, and the transparency of the entire value chain, as verification can be done at each conversion or value-adding step. Transparency and visibility across a supply chain will boost trust, which will, in turn, increase the speed at which supply chain processes can be completed, says technology analysis organisation Edge of NFT cofounder Dr Eathan Janney.
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