IBM and other companies launch new blockchain network for supply management

NEW YORK: International Business Machines Corp announced on Monday a new blockchain network aimed at improving manual and cumbersome supply chain management.
Supply chain management involves overseeing the flow of goods and services, such as tracking the movement and storage of raw materials, inventory, and finished goods. It has been identified as one area that can benefit from blockchain technology, a shared database maintained by a network of computers connected to the internet.
Technology research firm Gartner Inc said by 2023, blockchain will support the global movement and tracking of $2 trillion of goods and services annually.