How Is Blockchain Technology Changing Logistics?
How Blockchain Technology is Radically Changing the Face of the Logistics Sector
by Timmy Thermal
Blockchain technology is increasingly taking center stage in virtually all sectors of trade and commerce and even the logistics sector is certainly no stranger to it, as well. As a matter of fact, it is widely becoming quite the game changer in both the transport as well as the logistics industries.
What exactly is Blockchain?
Blockchain may be defined as a “widely distributed database that is fully capable of holding various (end user) records of digital data or even events in such a way that it becomes practically impossible to tamper or change the contents of those data packets in any way.” In a nut shell, while it is certainly possible to add data, access it, or even inspect the same, it is however, considered a near complete impossibility to either delete or change the data itself.
In other words, all the information that has been created will stay put and also leave a more or less permanent information chain or trail of the transactions that have taken place. This high level of permanence, effectively ensures that blockchain has the potential to effectively become the core foundation for many, if not most supply chains. Let us see how it can positively affect the supply chain management as it exists today:
As a driver for increasingly greater automation
Blockchain, with its permanent data packets, has the potential to substantially reduce a whole lot of bureaucratic red tape as well as the paperwork that typically accompanies it. This is due to the fact that many freight invoices can contain highly inaccurate data (either through system glitches of operator errors) thus, effectively leading to multiple disputes in the logistics industry, as a whole. However, blockchain provides for “a highly-automated process that can store information in real time and it is almost completely temper proof, as well.
Seamlessly connect different supply networks
Due to the inherently fragmented nature of the entire logistics and supply chain industry, there are a lot of manual logistics processes that lead to doubling as well as over work. With the help of blockchain technology it is now quite possible to enable not just overall data transparency, but also significantly ease access amongst all the relevant stakeholders, in the supply chain itself.
The need of the hour is for savvy shippers and other stake holders in the logistics and transport industry to find various ways and means to effectively leverage this highly innovative technology to substantially increase revenues, while simultaneously helping to strengthen the core relationships all across the supply chain.
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