Is Blockchain Logistics a Revolution in the making?
Blockchain logistics is likely to be the buzzword for this year. But before we answer this question, a brief intro into what blockchain is. Essentially decentralised technology, blockchain cuts out the middleman in most transactions. It ensures transparency at every step of the way. IBM’s Blockchain is a great example here ensuring that you know the status of every product on your supply chain.
Benefits of Blockchain Logistics
Implementation of blockchain in shipping cuts down significant time in transit. Paper and manual checks are still largely a part of this process. If one piece of a document goes missing, containers don’t move, resulting in a loss to the business. Blockchain creates digital copies, which are accessible to all the stakeholders’ involved ensuring transparency. It is easy then to understand at what point the hold-up is.
Smart contract payments are an important aspect. As per Wikipedia, smart contracts are computer protocols intended to digitally facilitate, verify, or enforce the performance of a contract. If all parties within the contract agree to specific terms, then once a portion of the contract is completed, the party gets paid. Credible transactions without 3rd party involvement is a great win for all concerned.
Transparency is a key feature in blockchain logistics. Options like BlockVerify, focusing on anti-counterfeit solutions, stop fakes from invading the market. Imagine blockchain operating in the outdoor industry. For example, a moisture-wicking running tee, with blockchain logistics you could potentially identify ethically sourced material from suppliers. This ensures that your end customer knows origin and how sustainable your operation is.
Customers want same delivery yesterday. This is one of the key components of why blockchain logistics works so well. Traditional tracking technologies can’t scale whilst blockchain provides a clear-cut solution to the problem of tracking and authenticating orders.
The future of blockchain logistics is bright. We imagine that in the next decade it will indeed revolutionise and bring about significant changes in the industry.