Growing Influence of Blockchain In Transportation IndustryNovember 17, 2018
Transportation and logistics can be managed really well by making use of blockchain technology. Companies can thus become more profitable and efficient.
There are several problems that the blockchain technology can address in the blockchain industry. There are some problems that have been plaguing the blockchain industry for quite some time now.
Several hundred billions are being spent on disputes relating to the logistics and transportation industry. The companies also will have to wait for more than a month in many cases to have their invoice paid. Due to dependence on paper transactions, the overall costs in the transportation industry have become greater than before.
Pharmaceutical companies face problems with temperature deviations, and such products do not pass the customs at all for reasons related to large variations in controlling temperature.
There are unique problems faced by different businesses in different ways when they have to use transportation and logistics for their business purposes. Blockchain technology has already improved this industry with smart contracts, refrigerated containers with blockchain integration for controlling temperature deviation, coordinating paperwork in distributed ledgers, physical paperwork becoming unnecessary and more.
Companies are in need of accurate data in order to authenticate transactions. Blockchain ensures reliable data across the logistics and transportation systems. The whole of the blockchain network contributes to validation, and counterfeit validation is impossible in this technology.
Basically, a refrigerated system will have to cross the authentication of more than 30 organizations, and more than a couple of hundred communications will be required in this process. If there is a hurdle through these areas, the container runs the risk of being held up and sometimes even lost. With blockchain technology, every transaction in the process can be documented immutably in real time.
There is an increased demand for same day and one-hour delivery. This is not scalable using traditional tracking technologies. Blockchain technology provides for the immediate solution for tracking orders and for being authenticated.
The digital ledger can be tracked for the truck parts, thereby providing for details about salvage parts or other spare parts for the transportation industry.
The influence of the blockchain is continuing to grow in the transportation industry. Universal standards are being created for mass adoption of this technology in the transportation industry.
XinFin XDC protocol can customize dApps for transportation companies to use this technology to adapt to their customer’s needs. The blockchain is here to save the working days of businesses using the transportation and logistics industry. The global peer network will enable authentication, and therefore routine transactions can become fast. There will be improved freight tracking to dot accuracy.