{"id":21292,"date":"2019-07-03T06:44:12","date_gmt":"2019-07-03T06:44:12","guid":{"rendered":"https:\/\/appscrip.com\/blog\/?p=21292"},"modified":"2024-04-12T12:57:24","modified_gmt":"2024-04-12T07:27:24","slug":"blockchain-in-logistics","status":"publish","type":"post","link":"https:\/\/appscrip.com\/blog\/blockchain-in-logistics\/","title":{"rendered":"Blockchain Logistics Will Herald Efficient Handling in Trucking"},"content":{"rendered":"

Growth of freight volume further complicates the trucking industry. This mandates the need of a robust logistics management <\/strong>system. As it impacts the bottom line of any transportation company. The transport sector is still grappling with issues due to outdated infrastructure and paucity of investment. Inculcating Blockchain In Logistics<\/strong> will enhance the working of the trucking, logistics and freight industry.<\/p>\n

What is Blockchain Technology <\/b><\/h2>\n

\"\"<\/p>\n

Blockchain\u00a0in simplest terms is a distributed database<\/strong> existing on multiple computers at the same time.<\/p>\n

It constantly grows as new sets of records, or ‘blocks’,<\/strong> are added to it. And each block holds a cryptographic hash<\/strong> of the previous block, a timestamp and a link to the previous block<\/strong>, so they actually form a chain.<\/p>\n

Each transaction is digitally endorsed to ensure its authenticity and that it isn\u2019t tampered with, so the ledger and the existing transaction within it are of high integrity.<\/strong><\/p>\n

Bitcoin and other cryptocurrencies are popular usages of blockchain technology, this \u201cDistributed Ledger Technology\u201d (DLT)<\/strong> has a wide range of use.<\/p>\n

Database requires a central authority to maintain and manage data,\u00a0while blockchain offers a decentralised approach<\/strong> to storage of data and its verification.<\/p>\n

\"\" \u00a0The five top benefits of the Blockchain technology are: <\/b><\/h3>\n

\"\"Greater transparency<\/p>\n

\"\"Enhanced security<\/p>\n

\"\"Improved traceability.<\/p>\n

\"\"Increased efficiency and speed.<\/p>\n

\"\"Reduced costs.<\/p>\n

Related Resource: BlackBuck\u2019s successful uberization of freight and trucking business in India<\/a><\/strong><\/p><\/blockquote>\n

Blockchain and Transportation <\/b><\/h2>\n

The above given benefits of the blockchain technology are very much the need of the hour for the transportation industry. We have seen that the trucking industry handles a chunk of the goods being transported, which gives the much needed push for industries to thrive. How this comes to fruition is elucidated below.<\/p>\n

\"\" \u00a0Major Impediments in Freight Management<\/b><\/h2>\n

<\/b>\"\"Timely payment issues, administrative inefficiency, and freight tracking are major issues that plague the industry. Close to $65 million is tied up in disputes<\/strong> \/ delayed payments. The clearance of an invoice takes 45 days after delivery of goods.<\/p>\n

\"\"Processing and administrative costs have risen to as high as 20%,<\/strong> due to paper transactions. A lost form or delayed approval could hold up a container indefinitely, or be lost for good.<\/span><\/p>\n

\"\"<\/p>\n

Sensitive pharmaceutical or food shipments experience temperature deviations<\/strong> due to which these products never make it past customs.\u00a0<\/span><\/p>\n

\"\"<\/p>\n

More than 90% of trucking \u00a0companies have lesser than ten trucks<\/strong>, this causes coordinating issues between customers and providers. Due to this truckers run with partial or empty truckloads, adding upto 45 million miles per year.<\/p>\n