FREMONT, CA: Logistic supply is one of the world's largest industries. The constant drive for logistics in each sector and the growing distribution and division of labor and goods worldwide have made logistics an extremely crucial component of modern human life. Blockchain, Internet of Things (IoT) and mobile technologies for real-time logistics tracking can be integrated, into a single robust solution. This could solve transparency issues and record verification and monitoring challenges that even in the digital era, continue to haunt the logistics sector.
IoT provides a powerful solution to problems related to traceability like asset tracking and more. An emerging technology that unfolds new applications every day, IoT provides accurate tracking of components and data acquisition tools that are not possible using traditional manual tracking practices. One of the most significant potentials uses for IoT networks is to track devices across the supply chain for goods and components. Tracking no longer has to be done manually using this technology and can instead be done by digital sensors keeping tabs on materials or products from start to finish throughout the entire supply chain. It is not surprising that data in the business toolkit tends to be the most potent weapon, and IoT-enabled devices drive more data than ever before. Organizations can enhance efficiency at almost every level of the chain and eventually save time and money.
Blockchain systems provide flexibility in documenting almost every step of the supply chain process. Each step can be safely stored and recorded within a blockchain from purchase to transit and delivery. Cryptography will make it possible for the blockchain to displace digital paper assets and signatures. This will enable companies to save money and improve security, which will also increase customer confidence. Blockchain provides a high degree of information security and reliability, with every link in the chain being guaranteed to maintain an unchanged state constantly after its creation. Logistics gigantic Maersk launched a new joint venture with IBM to develop TradeLens, a blockchain-based logistics system designed to provide the world with an open platform to participate.
As our industry is morphing and evolving to meet the ever-evolving needs and expectations of our customers, it is essential to be in the know when it comes to innovations that can change the landscape of commercial transport. Its role will continue to increase—and with it, the efficiency and profitability of the entire industry.