Blog
BLOCKCHAIN
December 14, 2019
- Blockchain has potential for supply chain applications because the private and secure transactions can digitize processes, cut fraud, bolster inventory management, and save time and money.
- Just improving the visibility and workflow with trade documentation processing can save billions of dollars.
- Here's how the blockchain process will work in the context of shipping:
- Blockchain gives each participant in the trade to have visibility.
- The supply chain ecosystem can view the progress of goods through a network with customs status, bills and data.
- Supply chain events and documents are exchanged in real time.
- No party can modify, delete, or append a record without consensus from others in a network.
- Transparency will cut fraud and reduce the time products are in transit.
THE BLOCKCHAIN IN SHIPPING
- As a package moves from warehouse to destination by a container ship, the blockchain functions as a bill of lading, a checklist, a record , a contract and a notification system.
- Instead of dozens of paper documents there is a single block chain with shared access privileges.
- At every step in the package’s journey, authorized parties are able to read, edit and sign the blockchain ledger.
Remarkable Benefits of Blockchain Technology
- Blockchain technology is feature-rich.
- It is also extremely beneficial. For example, it lets the user do faster settlement compared to traditional methods.
- It is also immutable and more secure. When compared to a traditional network, blockchain technology is more capable and have improved network capacity.
- With decentralization built-in, it can be used to build a shared and distributed blockchain.