Blockchain Technology in Transport Industry
At the moment, it is estimated that 6 out of 10 large companies are currently exploring ways to use blockchain technology for their companies. An industry where blockchain technology is certainly a game changer is transport and logistics.
Blockchain, the underlying technology behind digital currencies such as bitcoin, has been praised as a global potential for industries, from healthcare and banking to production. Blockchain is a database technology built on the collaboration and sharing of data control among stakeholders.
Blockchain in Transport Industry
Blockchain, a technology that stores non – stop information blocks through a digital shared network, could revolutionize the future of trucking and logistics by creating a new system of transaction completion, shipment tracking, and fleet management. When it comes to the challenges and needs of the transport industry, the blockchain can become a transformative tool. For freight brokers, blockchain technology can provide solutions to some of the biggest challenges in the logistics and transport industry: commodity protection and maximum delivery efficiency.
Blockchain systems already have global financial applications, which serve as the basic technology platform for bitcoin’s digital currency.
In the world of temperature – controlled and perishable goods, significant investments in blockchain technology have been made. Blockchain technology can solve the problem by creating a decentralized network that stores all the necessary registrations of transport and freight forwarders. Smart Contracts can be the most effective blockchain feature for the freight industry.
Companies across the industry are realizing that they can use blockchain technology to streamline their business and provide better service to their customers. As the inefficiency of the logistics and transport world is growing, more and more companies are joining the burden of integrating blockchain technologies into the trucking industry.
Blockchain technology can save millions of dollars for global transport and logistics companies. Blockchain could revolutionize the transport, logistics and freight industry in the not too distant future.
For example, the blockchain in the Transport Alliance (BiTA) has become a network of hundreds of manufacturers and shippers who have to educate responsible parties on the blockchain and set standards. According to Craig Fuller, the director of BiTA blockchain technology, is ideal for use in the transport industry.
By facilitating cooperation between car manufacturers and other suppliers, state organization leaders, the group can accelerate the adoption of blockchain technologies to benefit consumers, communities, and businesses.
From solving disputes to administrative efficiency and order tracking, Blockchain solves the problems faced by the transport industry for decades.
As digital technology is shaping the transport industry, blockchain has become one of the most important priorities for most organizations. Blockchain has already been widely adopted by the financial sector and has slowly entered other sectors, including the supply chain and health care. Although the blockchain has clearly been accepted by the supply chain community, there are still no open standards to ensure successful implementation.