Technology

Cryptocurrency for Supply Chain Payments

Today’s supply chains are frequently paper-based operations subject to human error and delay. Therefore, some companies are beginning to invest in digital infrastructure, including blockchain tools, to strengthen supply chain efficiency and visibility. One benefit of using blockchain for supply chain management is that parties can cooperatively use smart contracts to make, track, and manage payments made in cryptocurrency (also referred to colloquially as “crypto”). For example, a smart contract may register and record acceptance of a shipment, triggering a notice message that payment is due to the supplier. A more advanced smart contract implementation allows the smart contract to go beyond sending a message and takes the next step to execute the crypto payment automatically.

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