Since its inception, blockchain technology has already revolutionized various industries. Logistics is the lifeblood of a lot of businesses in presently.
Logistics is evolving quite rapidly now. It is standing at the peak of a digital change, as blockchain technology is all set to make a trailblazing entry into the industry.
Let’s discuss a few of the benefits blockchain offers to all those involved in the entire supply chain industry.
Blockchain Means Transparency
Transparency has always been a challenge for the logistics industry. From the manufacturing site to the customer’s doorstep, there are several middlemen involved in the complex process.
Using blockchain applications, the customers can get more detailed information about their ordered product as well as track its status as the entire network is transparent and easily accessible to the customers.
The trust factor here is that customer can simply look into the system and get all the required information regarding the product, supplier, manufacturer, service centre, etc. to provide instant feedback to the service provider for further improvements.
Secured Data, Secured Delivery
The ownership of the virtual assets like data is, no doubt, an integral part to small merchants and businesses. Yet, digital commodities are dependably vulnerable to getting hacked. And, that is the problem which blockchain is fit to solv.e
The small firms or merchants can simply manage, share, and store their ownership of digital assets like data, copyrights, custom documents and more on an easy-to-use platform which is built on blockchain technology.
These digital assets are totally secured once stored on blockchain because they can’t be altered or tampered by anyone across the network. Furthermore, in case anyone attempts to access this information in an unauthorized way, the time-stamped details about the attempt are recorded.
Hence, it is also helpful for supply chain entities to detect any suspicious activity on the spot.
About $140 billion are stuck up in disputes in the transportation industry regularly. A kind of blame game begins between the supply chain participants about the exact amount of the consignment. In this case, blockchain smart contract comes to great use as the majority believes it will be replacing lawyers completely.
The digital change of the business, as well as the proliferation of ecommerce, are creating unique challenges for new establishments. But for logistics firms, they are like a true Messiahs.
On the other side, blockchain brings unprecedented business opportunities to the sector. The technology’s effective utilization is detrimental in reducing the transit time.
Overall, blockchain technology will be the most desired blessing for the logistics firms shortly.