Blockchain and IoT have taken the world by storm. And the latest to incorporate its benefits is the Logistics industry. One can’t go on to discuss Blockchain at length without mentioning Blockchain in Trucking Alliance (BITA). BITA was launched last year in August with 150+ member organizations, including transportation management companies, brokers, carriers, shippers, and technology vendors. BITA’s objective is to spread awareness, educate industry stakeholders, and create standards & protocols for the industry. BITA aims to educate & coach the industry about new & advanced developments in Blockchain technology.
Blockchain Technology offers many advantages including cost-saving opportunities, automating transactions, high-tech security, and more. So, it’s no surprise that the air-freight business is among many others to turn to Blockchain technology. This allows all rungs of the air cargo chain, from handlers to Customs, shippers, and carriers to communicate securely and efficiently. Here are a few benefits of the Blockchain technology.
ways in which the Logistics and Transportation Industry can benefit itself.
Blockchains are decentralized, which means they operate on a network that isn’t controlled by a single entity. All the parties involved can view the business transactions on the blockchain from the time it’s created. For both the customers as well as the businesses, blockchains add transparency to an otherwise long and complicated process.
➢ Automated processes
Blockchain technology enables businesses to generate automatic contracts for purchase. The users agree upon the conditions and once the agreements are verified, these contracts automatically implement terms, service payments, shipment authorization, etc.
Blockchain, when implemented in the Logistics Industry can offer high traceability. This technology makes sure that the transactions made by the users are easily traceable by recording all the transactions & the flow of goods.
➢ Fraud Detection
Blockchain technology is very reactive and can detect fraud by pinpointing problems from the very initial stages of the transaction. It also sends instant alerts, in the case of product recovery.
Blockchain technology is favourably promising for the Supply Chain Sector and retail giants like Walmart have already tested its mettle. However, the technology still needs some improvements to be in complete tandem with the Supply Chain Sector. To know more visit us our website at www.dtdc.com