It’s an acknowledged fact that with the advent of the blockchain technology, a lot of conventional problems have been addressed with a new perspective, and the technology has influenced almost all the industries in a way or the other. The transportation and logistics industry are not an exception and like every other industry, there are certain issues that need to be dealt with. Right from dispute resolution and reducing the processing and the administrative costs to enhancing the administrative efficiency and improving the order tracking process, there are issues that blockchain has helped resolve. Wondering how? Let’s take a closer look –
- Smooth co-ordination with distributed ledger – With the help of blockchain enabled platforms, professionals can access all the important documents with easy coordination. They can also operate in collaboration using the shared distributed ledger, thus reducing or eliminating physical paperwork.
- Enhanced scalability; quicker solutions – With the fast pace of life, the demand for quick delivery service (same day or even one hour in some cases) has increased notably. It’s not really possible to maintain this with the conventional tracking technologies. This is where, a blockchain enabled technology ensures immediate and scalable solution for authentication as well as tracking.
- Improved security & authentication – Quite obviously, the more authentic, secure and updated data you have, the better decisions you can take. Solutions that are based on blockchain, ensures trustworthy data, across the logistics and transportation ecosystem. This is possible as the entire network plays a significant part in the process of data validation.
The survival of the organizations in the commercial transportation industry largely depends on their ability to understand consumer needs, reciprocate to the same and implement the advance solutions that help them lower the shipping costs and improve efficiency. This is why, it’s advisable for these organizations to adapt to the new technology and embrace the suggested solutions without delaying further, so that they can gain a competitive edge over others.