Austrian Fiber Producer Lenzing to Launch Blockchain-Enabled Tracking in 2020
Austria-based fiber supplier Lenzing Group plans to apply blockchain to track its fiber supply and to “green up the textile industry.”
According to the press release, Lenzing expects to launch its supply chain traceability platform in 2020, while in the near future, the company will test the technology along with all the involved chain participants.
Lenzing decided to deploy distributed ledger technology (DLT) following client requests for more information about the ingredients and suppliers of its products. By applying blockchain tech, the firm intends to provide its customers with more transparency and traceability.
Lenzing is a global leader in wood-based fibers and has $2.7 billion in estimated annual revenue.
Earlier today, a senior executive at United States-based logistics firm FedEx expressed his scepticism about blockchain use in the company’s processes. Dale Chrystie claimed that traditional shipping data systems are superior to blockchain-based ones, as distributed ledger technologies are purportedly too nascent.