The potential of Blockchain for Logistics
For an industry – such as Logistics – whose growth potential lies locked in paper-based legacy systems and siloed IT infrastructure, Blockchain technology will likely prove to be a game changer. The transformative power of Blockchain stems from its unique features,namely – data transparency, security, asset management and smart contracts. And, the transformation is under way even as you read this. Blockchain could possibly streamline the efficiency and transparency of supply chains, eradicate errors, avert frauds, and minimise expenses and so on. Thus, Blockchain technology provides the very foundation for the integrity, reliability and transparency in a supply
chain.
The Logistics industry has many stakeholders such as manufacturers, customers, suppliers, auditors, and many more. Blockchain technology can potentially benefit everyone in this value chain. It enables the tracking of products by customers and traces the end-to-end value chain of product manufacturing. Blockchain empowers auditors to easily verify and crosscheck any transaction. No piece of information stored in a blockchain can ever be altered or changed by a third party, which enhances the security of this technology beyond that of any existing solution.