In the late 1980s, Procter & Gamble introduced a principle now axiomatic to the supply chain. That principle is continuous replenishment, requiring that purchase orders be based on more than what manufacturers and retail buyers come to agree on: orders should be based on sales data. Or take the ocean shipping container, which only came about in the 1950s, bringing with its standardization an era of efficient, globalized trade.
Today smart legal contracts are similarly poised to disrupt the supply chain. Master supply agreements, complex outsourcing contracts, vendor agreements, SLAs — these contracts are already being remade with the latest technology that can render efficiency through code and transparency through blockchain execution.
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