Block Chain Advantages In Logistics
Blockchain technology has shaken the world. When the majority thinks, blockchain is for cryptocurrencies only; many organisations started its real-world applications. Blockchain technology is transforming every industry across the world and most certainly going to rephrase the laws of business.
The logistics business is a trillion-dollar business that is rising multifold with every passing year. And this industry is also going to be altered by blockchain. Many companies have already started experimenting with blockchain technology. Businesses have begun discussing the advantages that blockchain technology brings in logistics operations. It can stop frauds, reduce inaccuracies, improve data protection, enhance efficiency, and decrease cost.
Some of the advantages:
1. You can track your cargo at micro levels
Blockchain technology can be employed to create an effective system that permits different organisations to keep a record of their respective products even at most basic levels.
2. Reduce errors
The block chain system is supposed to save billions of dollars for organisations engaged in transportation by substituting existing logistic processes. It will support in reducing errors and improve delivery times.
3. Handle Invoicing
A great hurdle in the logistics processes is creating a secure system which can handle invoicing and transaction efficiently. Blockchain technology has already demonstrated its capability to manage transactions efficiently with the launch of cryptocurrencies, for example, Bitcoin & Ethereum.
4. Improve Transparency
Another objective of using blockchain in logistics processes is for increasing supply chain transparency. A big concern troubling supply chains is the reliability of information. By employing blockchain systems, it will guarantee B2B logistics have much visibility than previous times. By enabling blockchain you can also lower disputes associated to invoices and decrease your auditing costs.