Study: Blockchain to Save $450B in Supply Chain Costs in Western Europe - Cointelegraph

The implementation of blockchain technology in supply chains could save businesses in Western Europe $450 billion in logistics-related costs. According to a new study from Cointelegraph Consulting and Swiss enterprise blockchain firm Insolar, blockchain technology can reduce supply chain-related costs for businesses between 0.4% and 0.8%.

In the joint study, Cointelegraph Consulting and Insolar survey the problems that enterprise firms experience in managing their supply chains, stating that 60% of companies overpay their supply chain vendors. Blockchain a boon for supply chains Blockchain technology has seen widespread adoption across supply chains of various goods including diamonds, rare metals, fashion items and food.

Timeline of Insolar