A mix-up that happened last week in the Dutch port of Rotterdam seems like something out of a bad comedy. Because how Bloomberg reports, there was a more than embarrassing error in a commodity delivery, at the expense of the major bank JPMorgan Chase. It had bought 54 tonnes of nickel worth $1.3 million from the London Metals Exchange (LME) – about 0.14 percent of the metal’s total supply.
However, when the supposed goods were supposed to be picked up from the warehouse near Rotterdam, there were sacks with stones instead. Apparently, the managing logistics company “Access World” made a mistake. Meanwhile, there is still no trace of the nickel. However, investigations have already been initiated.
Supply chain issues
Even if JPMorgan Chase and LME should be able to cope with the blunder. The curious story shows that even the most established supply chains have gaps. This results in a long-propagated application of the blockchain. This would have offered everyone involved more transparency and made traceability much easier.
It is not without reason that companies such as KPMG, Starbucks or IBM now rely on the technology for their global supply chain management. Other companies are already working closely with VeChain. The Chinese blockchain project is using ledger technology to try to solve global supply chain problems like those that have now made JPMorgan a laughing stock.
Do you want to buy cryptocurrencies?
Trade the most popular cryptocurrencies like Bitcoin and Ethereum with leverage on Plus500, the leading platform for trading CFDs (86 percent of retail accounts lose money with the provider).
The latest issues of BTC-ECHO Magazine
You might also be interested in this