Blockchain-Based Logistics Solutions
Blockchain-Based Logistics Solutions Benefit Everyone
The shipping container, the bar code, parcel tracking software: key technologies have always determined progress in global trade. Thanks to these milestones, we can send almost all goods anywhere in the world. Consequently, global trade increases at great pace.
Outside of the hardware utilized in the global logistics industry, the software side is showing significant development. Reliable sensors are already frequently integrated in temperature sensitive shipments, complying with new regulation standards and resulting in higher risk mitigation for the consumer. Data points collected by these sensors better analyze complex shipment processes and take automatic precautions against potential difficulties that could arise.
As logistics providers experiment with and implement blockchain-based solutions, they can create an ecosystem of trust between users and logistic stakeholders around product safety. Many believe that blockchain technology will disrupt the logistics industry in multiple ways and the first proof of concepts look promising – reducing costs in administration through payments on the blockchain and through smart contracts – reducing overhead costs significantly.
These developments have the potential to create an even more globalized world, characterized by further economic integration. Who benefits in this new world? Consumers benefit from fresher produce, logistics providers benefit from the ability to cut costs and provide better value to consumers, while society as a whole reaps the rewards with the associated boost to environmental sustainability. In short – who benefits in this new world which blockchain-based solutions are beginning to make a reality? Everyone.