First blockchain global trade transaction, as PwC urges logistics firms to use new technology

© Wutthichai Luemuang

An innocuous shipment of cotton from Texas to Qingdao has changed everything, becoming the first global trade transaction to combine blockchain, smart contracts and internet of things technologies. Creating transparency between buyer and seller, as well as increasing security, blockchain is set to become a major focus of forward-thinking supply chains. And it seems PwC believes the technology will drive sales during the forthcoming holiday season. Andy Schmahl, who is speaking at this week’s Air Cargo Forum in Paris, said logistics companies only met “a minimum standard of success” in on-time deliveries, and urged them to use new technologies.