Blockchain in Logistics: How it’s changing the Industry
At some point, most of us have heard the term — Blockchain, but it’s hard to say if everyone has an in-depth understanding of Blockchain or its application!.
In layman’s terms, blockchain (also known as Distributed Ledger Technology) is a decentralized database for storing transactional data between two individuals or companies, accessible globally in real-time.
Information in a blockchain is secured through encryption and linked directly to the preceding block. This makes it impossible to modify any data within one block without altering the rest within that chain, which makes for an tremendously secure storage system.
With us so far ? Great!
Let’s take a look at how Blockchain is changing the Logistics Industry
With supply chains involving umpteen locations and third parties for the processing and shipping of goods, the logistics industry is not new to complications. As the management changes, the possibilities of miscommunications and errors in the supply chain increase, leading to efficiencies that cost businesses millions of dollars each year!.
By employing Blockchain with the Logistics Industry, real-time monitoring of goods & transportation is achieved, allowing management of multiple supply chain operations on-the-go!. Blockchain-powered supply chain applications can intuitively predict any futuristic issue, eventually achieving cost-effective operations.
Benefits of Blockchain in Logistics Industry
Lowered Administration Cost
The decentralized nature of blockchain allows critical logistics data to be distributed between all the parties involved in the supply chain with ease of access.
With chronological ordering of data, blockchain technology is an intuitive approach of recording every step of the order fulfillment/delivery process.
Blockchain technology allows real-time collaborations between all the parties involved (trucking companies, carriers, and 3PLs) with a secure and transparent platform for sharing the latest information on current and future orders, ensuring better incorporation of forecasts into logistics planning.
The biggest takeaway? Blockchain technology is set to revolutionize logistics by providing solutions for issues the industry has been grappling with for decades!.Blockchain technology is the space that everyone should be paying heed to!