Consumers Want Transparency

More than ever, consumers want to know important details about the products they decide to purchase, especially when it comes to choosing food for themselves and their family.

Knowing where their products originally came from, ingredients, nutritional information, how long it’s been on the shelf, what farm it came from, are all questions that have become increasingly more important to consumers.

This has put one thing at the forefront of consumers' minds: transparency.

Transparency is crucial to the supply chains of food brands. Consumers want to know how businesses do what they do and why they make the decisions they do so that they have concrete answers to their concerns. 94% of consumers are more likely to be loyal to a brand that offers complete supply-chain transparency, while 39% would be open to switching to a more transparent brand. Buyers have made it clear that they prefer companies that share their core values and truly care about the consumers safety. For many businesses, lack of transparency now results in lack of trust from their buyers which can make or break a company.

For large enterprises that have global supply, sales, and transportation chains, the process of tracking every moving part is an extremely complex job to tackle. Generally, this complexity has provided delay from confronting consumer demands for greater transparency. Global threats, which we have seen in the last year due to COVID-19, have shown massive disruptions in supply chains which has only increased the demand for transparency. Boardrooms now realize that they MUST act. As a result, large enterprises such as Walmart, have sought to implement tracking and tracing across their multiple supply chains using blockchain technology. In a famous Walmart test using mangoes, doing a traceback with a conventional system took almost seven days. When IBM blockchain technology was used for that same traceback, it was reduced to 2.2 seconds.

The need for blockchain technology has clearly become more pervasive for supply chain transparency, and it is becoming apparent that systems and processes will now involve communication and integration with multiple blockchain networks and technologies.

So the question then becomes, how can small and mid-size enterprises (SME) keep up with large enterprises that are already integrating blockchain into their supply chain systems?

That’s where BlockSpaces Connect can help.

BlockSpaces Connect hides the complexities associated with integration into these complex blockchain networks. BlockSpaces Connect is a no-code platform built for the specific challenges of blockchain integration. Connect’s workflow automation platform utilizes a library of pre-built integrations to connect everyday business applications with multiple blockchain networks to provide data visibility and efficiencies beyond individual, disparate systems and information silos.

The best time to take the first step into blockchain integration is now. Not only does blockchain integration reduce costs within the supply chain, but it also allows businesses of all sizes to compete on a more level playing field and offers their consumers the transparency they are looking for. Blockchain represents a rising tide, but the boats that reach the swell first will be the first to succeed.