Transforming an Industry: Using Blockchain in Logistics
Blockchain in logistics: a Match Made in Heaven
Right now, blockchain is changing the rules of the game for logistics and supply chain. By its nature, companies that produce or sell goods must manage large networks of individuals and organizations to supply their operations and run logistics processes. Blockchain — a technology part of industry 4.0 — may transform these daily activities.
The complexity of logistics represents a very fertile ground of opportunities for blockchain. Blockchain is a technology with a list of capabilities that could solve many issues along the process. These include traceability and automatization of transactions. But, what exactly is blockchain?
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TL;DR
The logistics industry involves a very complex operation that needs to manage multiple people and entities. Blockchain is an immutable and decentralized record of data that offers traceability and automatization of transactions. Specifically, blockchain can leverage logistics and supply chain by:
- Increasing transparency and traceability: Involving a large number of stakeholders with unstandardized procedures and low levels of transparency can lead to a lack of trust and friction among parties. Blockchain allows users to grant authorizations to have complete visibility across the process, facilitating traceability of goods (from the factory to its destination).
- Leaner and more optimized logistics process: When the process relies on multiple stakeholders, technology adoption will most likely be disparate. Blockchain can provide an unfragmented and streamlined platform that replaces pen and paper and increase lean communication and processing of packages.
- Improved efficiency and cost savings: By deploying smart contracts, blockchain can help cut costs by automating processes related to paper filing and interacting with middlemen.
