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Tuesday , 26 March 2019
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How will Blockchain technology impact the logistics industry?

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With every passing day, the importance of blockchain is growing by leaps and bounds. Whether it is in regard to monetary transactions or transport industry, this amazing technology is unearthing application in almost all known domains. As a matter of fact blockchain has brought in a revolutionary transformation in the logistics industry. Because of its multiplicity of features as well as versatility, several entrepreneurs are now looking at this outstanding technology to change transport industry and the way business is conducted here.

The requirement to set up a transparent system and making sure that security is established even then is making Blockchain hugely popular. This technology is actually growing unrestrained. There are several players involved in logistic industry such as customer, auditor, manufacturers, supplier etc. The prime aim of blockchain technology is to offer benefit to each and every player of the chain.

Transparency for the customer- The main aim of transport business is that transparency is established at each and every step of transaction. With blockchain technology showing face, the customer can without any problem track the entire journey of product before it even reaches them. Journey of product from manufacturing to packaging, supply, and finsl delivery can easily be traced with assistance of this avante garde technology. The prime idea is to sync Blockchain with Internet of things such as QR Codes, RFID, Tags, etc. Once the information gets stored in blockchain, nobody can delete it. The customer can easily scan QR codes and, RFID and easily see all information linked to product on their smartphone. This is actually phenomenal and will ultimately change the way things operate in transport business.

Transparency for the Auditor- As history of all transactions gets sealed in blocks which are stored in ledger, auditors can without any hassle verify the same and check it. They can understand where any product or item has been delivered.

Security- Security is a hugely important feature offered by blockchain. All the information which is present in blockchain is basically unalterable and immutable; there is minimum possibility that anyone can make changes in it or alter it. In any case if some person tries to do such a thing, it will become visible easily to everyone who is present in the network, because of the public ledger feature. So, blockchain offers a lot security as information cannot be tampered.

Benefits of blockchain

  • High degree of transparency
  • More security
  • Superior Scalability

Conclusion

Blockchain is laying foundation of a superior tomorrow. Regardless of being at a budding stage, blockchain is akin to an active volcano as it is bringing forth a wave of good change in Logistic industry. This technology is actually laying foundation of an efficient logistic system, but at the same time with the assistance of this technology, we can build long lasting customer trust as well as loyalty and this the main goal for any kind of industry.

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