How Blockchain is Transforming Logistics Industry?
The blockchain is the most talked about, most anticipated and the technology that will disrupt the supply chain management. For those who do not know what blockchain is, it is a technological platform that stores, secures and protect the sharing of information between the parties. All the information is encrypted thus securing the records from possible hackers.
The blockchain technology has created impact in the Industry, and most of the companies are taking up initiatives to make it happen:
- A.P. Moller Maersk and IBM on January 2018 has announced that they are forming a joint venture and planning to provide an open platform for global trade creating more efficiency and transparency. Through this blockchain technology, it authorizes trading partners to participate and establish a single shared transaction with detailed information and confidentiality.
- The 2nd largest port in Europe, a Belgium based Port of Antwerp, on June 2017 did announce the launch of blockchain solution for container handling. The blockchain technology without any involvement of the middleman will help to transfer the valuable objects by reassuring safety and faster. By introducing the blockchain platform by Antwerp Port, clearance for collecting an exact container is given to the rightful driver. This platform is currently using a distributed network, which means the transaction only proceeds once there is an agreement among all the parties that helps to eliminate any frauds or manipulation that can occur during the process without the help of blockchain platform.
- On August 2017, Marine Transport International LLC (MTI) introduced its very own blockchain pilot program called “Container Streams” with the help do distribute ledger technology to upgrade the security by reducing costs.
The traditional old logistic management was tremendously changed with the blockchain platform for the logistics industry, as it has created advantages like supply chain transparency and data sharing improvements, improved order tracking, improved fraud detection and with reduced errors. Even though blockchain is still in its early phase but it will soon revolutionize the today’s business and that time is not far away.