How Blockchain is making the logistics industry transparent
The logistics and supply chain industry has been one of the main fields for Blockchain adoption in the past few years. In 2018, the number of companies looking into the technology to ease the process of delivery and make the supply chain more traceable will likely continue to grow rapidly, as the latest players to announce plans for Blockchain adoption were South Korean electronics giant Samsung and Walmart, the world’s largest discount retailer.
The logistics and supply chain industry has been one of the main fields for Blockchain adoption in the past few years. In 2018, the number of companies looking into the technology to ease the process of delivery and make the supply chain more traceable will likely continue to grow rapidly, as the latest players to announce plans for Blockchain adoption were South Korean electronics giant Samsung and Walmart, the world’s largest discount retailer.
While Blockchain’s potential to improve the logistics industry has already been academically proved, the number of industry players continues to grow. At this point, it includes such giants as Maersk, IBM and FedEx. Blockchain is becoming a useful tool for tamper-proof product tracing for any supply, from pork to diamonds.
What does Blockchain offer for the logistics industry?
The supply chain is complex, and, in the globalized world, supply chain management seems more complicated than ever. Payments between the involved parties (vendors, suppliers and customers) might take days to get processed while contracts are being reviewed by lawyers and bankers, ensuring extra cost and delays. Moreover, when cargo passes through dozens of geographical locations before arriving at its destination, it often becomes difficult to trace where the product actually came from, as the documents can be lost or forged.
Blockchain, being an immutable, decentralized, and cryptographically encrypted ledger, offers full transparency for an industry dealing with supply chains that tend to include numerous steps and hundreds of geographical locations and checkpoints.
Most importantly, it dramatically decreases the importance of paperwork and also allows you to keep track of who is accountable for delivery at each handover.
Further, Blockchain records when property changes ownership or custodianship.The COO of BitLand, Christopher Bates, previously explained this to Cointelegraph using a car’s history as an example:
“It is pretty important to know if a car has been in a major accident and has frame/structural damage. If there was an immutable accessible record that kept track of the car history, there would be no way a car salesman could sell a car that had been extremely damaged.”
Shipping and Logistics
In 2016, Marine Transport International (MTI), a freight forwarder based in the United Kingdom and the United States, revealed the launch of what could be the world’s first public Blockchain in the global shipping industry to improve security and distribution of shipping container data.
Further, in 2017, Blockchain in Transport Alliance, a consortium with the goal of popularizing Blockchain in the logistics industry, was founded. BiTA educates its stakeholders on the application of Blockchain technology in the trucking, transportation, and logistics industries. At this point the alliance has been joined by players as big as FedEx, Uber and UPS. BiTA uses OriginTrail, a purpose-built protocol for supply chains based on Blockchain technology, and provides the alliance’s members with an open source implementation kit free of charge.
Today the new player is BitNautic, a single platform, capable of holding together all the major players of the shipping market: carriers, shippers, producers, buyers. Every one of them has different needs, and different obstacles that prevent them from fullfilling them. And how do they solve them? Phone calls, unfavorable deals, friends of friends. Lack of choice, long waiting times, tedious and complicated bureaucracy.
What BitNautic proposes is a completely transparent network, where ship owners can list their ships, update their location in real time, and cargo owners can find the best routes for their shipments, and at the best price. At the same time this allows them to forge new business relationships, extending their network and bringing new customers to their business.
So what are you wating for? Join the Logistics Revolution!.
To know more visit: BitNautic
