GT Nexus is investing in blockchain – but one of its top executives pointed out the ‘hype’ surrounding it.
CST spoke to the vice president of marketing of business software company Infor (which owns GT Nexus), Greg Kefer, who highlighted that blockchain had not properly entered the container shipping market yet, although it is an area that Infor is focused on.
“Blockchain is very hyped, it is white-hot and everybody is talking about it,” he said. “We think it has great potential in the supply chain and are investing in it. We believe blockchain, delivered in conjunction with the GT Nexus Commerce Network, has immense potential as it continues to mature.”
The GT Nexus Commerce Network is a cloud-based platform that provides visibility and process automation capabilities across the supply chain.
However, he singled out some drawbacks – while it is exciting and disruptive, it is still “early days”, he said.
Mr Kefer explained “We believe that blockchain is not a fad and it will be part of supply chain innovation in some form, the question is, what form? There are some interesting innovation opportunities in the areas of trade finance, traceability and visibility.”
Looking at the impact it might have on the container shipping industry, he said “What we will see over the next five or six years are new-use cases around how blockchain is fused into global logistics management. I don’t see companies dumping current technology and just moving to blockchain.
“Rather, if companies have already digitised their processes, they will be better positioned to take advantage of blockchain and bring it into their current technology. Supply chain information networks will continue to be a critical element of any blockchain strategy.”