How Blockchain Changes the International Logistics Industry

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How Blockchain Changes the International Logistics Industry
2 hours ago
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When blockchain technology turned from a geeky thing into a buzzword for major businesses a few years ago, it was only a matter of time before it expanded far beyond finance into other industries. Its advantages, like tamper-proof design, utter accountability and unparalleled transparency, have drawn attention from stakeholders of very diverse business areas.

Logistics was among the first to appreciate blockchain’s appeal as it may seem a fairly perfect match for the industry. All the issues present in international transportation can be easily tackled by introducing blockchain solutions to its outdated infrastructure.
Blockchain in Logistics: Theory

First introduced as a distributed ledger underlying Bitcoin, the world’s first cryptocurrency, a blockchain is a secure and transparent way of sharing information between trustless parties. To do so, it employs a vast, distributed network of computers that maintain a ledger of records that cannot be tampered with.

Soon, it became clear that the international transportation industry could make use of the technology, as, similar to cryptocurrencies, it deals with enormous arrays of data and numerous complicated transactions that involve red tape, paperwork, vehicle tracking, and warehousing issues, amongst others.

This mountain of data is currently handled in the old-fashioned, centralized way, and requires unreasonable staff overage. With lots of different locations in different jurisdictions, handling a single supply chain for a single product could pose a nightmare for a rookie, and a serious pain in the neck for even a seasoned logistics expert.

With smuggling and other illicit activities not going anywhere, the issue of compliance with the law and ensuring that nothing illegal is going on during a prolonged journey is also a troublemaker.

No wonder then, that some players in the transportation industry see blockchain as a heavensend, an out-of-the-blue panacea that could almost miraculously solve all those problems, and, on top of that, seriously cut expenses involved in maintaining a vast network of warehouses and constantly moving vehicles alongside eliminating the burden of excessive paperwork.

Blockchain is capable of recording every movement of a truck, moves all intermediaries away and dramatically simplifies the document flow. This all comes with the renowned security and auditability of the technology that makes any attempts to pull an illegal act virtually impossible.