Two of the Big Four, PwC and Deloitte, have immersed themselves in blockchain strategies.

PwC, has partnered with the Australian Chamber of Commerce and Industry (ACCI) and the Port of Brisbane to launch a blockchain based supply chained system. This ‘Trade Community System’, aims to link supply chain information through blockchain technology.

PwC partner Ben Lannan also commented on PwC’s joint venture with ACCI and the Port of Brisbane, he said: “The Trade Community System proof of concept is the first stage in building an innovative end-to-end supply chain that will digitise the flow of trading information, improve connectivity for supply chain participants, reduce friction for business and reduce supply chain costs, providing unprecedented productivity gains for Australia’s international businesses.”

The Trade Community System will address a number of points and recommendations from the recently released Inquiry into National Freight and Supply Chain Priorities Report.

Australia has been experiencing growth in its volume of trade, which has increased pressure on supply chains, ports and border authorities to process, screen and clear goods as efficiently as possible in to the Australian Economy.

The benefits to supply chains from the use of blockchain were something promoted in Deloitte’s New Tech on the Block review of the technology.

The review featured over 50 potential blockchain use-cases, to see how much value the technology added.

While the report was positive, it also warned that investment into the technology could be expensive and resource heavy, and that implementing it could require a culture change, adding: “Businesses that do not consider how a blockchain may affect their core operations are at risk of falling behind and losing out on potential growth opportunities. If done correctly, however, the investment could be transformational.”

Writing the forward, technology consulting partner Steve Larke noted: “Blockchain has the potential to transform the way the individuals and organisations interact, the way businesses collaborate with one another, the way transparency of processes of data, and, ultimately, the productivity and sustainability of our economy.”

By Mishelle Thurai