11 tips for companies considering blockchain to manage logistics

cointelegraph.com:

Supply chain reliability and efficiency are always a concern for product-based businesses, but their importance was spotlighted recently as multiple industries struggled both with obtaining needed materials and keeping their products continually available on store shelves. Companies looking for streamlined, easy-to-manage and safe solutions may be considering blockchain as an option.

While blockchain technology can be an impactful tool for many applications — including, in some cases, logistics and distribution — it’s not necessarily the best tool for certain industries. Below, 11 members of Cointelegraph Innovation Circle share their tips for companies exploring leveraging blockchain to manage their logistics and/or distribution processes.

Companies often feel pressure to adopt the latest solutions to keep pace with the competition. However, it’s important to have a proper understanding of these solutions’ applications before jumping on the bandwagon. Blockchain’s value as a tool should be superseded by its visionary reimagining of how we can store and share information. Starting from this premise is critical to unlocking its full potential. – Oleksandr Lutskevych, CEX.IO

Leverage the efficiency of blockchain technology by auditing which areas of your specific business can be disrupted by blockchain technology. Since each business is unique, start with the “three P’s” of logistics — predictive, proactive and prescriptive — to determine where processes can be streamlined. – Megan Nyvold, BingX

First, consider what problem your product solves — can it be managed without blockchain tech? Second, you need to underpin your use case for blockchain tech: For example, will you be using nonfungible tokens to fractionalize