Blockchain transportation logistics

Blockchain technology is considered to be one of the most important innovations in the information technology field. Some benefits of blockchain technology are improved security, faster transactions, decentralization, immutability, transparency, and trust. In many industries, it replaces current technology because it immensely simplifies processes, and many operating activities become redundant. Smart contracts enable new forms of financing and insurance, process automation, and optimization of the information and documentation flow. Complex logistics environment involves many stakeholders and requires continuous process coordination and monitoring. The key logistics objectives are performance achievement, quality assurance, and cost minimization.

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WATCH RELATED VIDEO: Applications of Blockchain in Logistics

Blockchain for Supply Chain, Transportation, and Logistics

Insight and Intel From Industry Experts. Like self-driving cars and fully automated homes, the potential of the blockchain is exciting—but implementation can struggle to meet its seamless, utopian pitch. Fortunately, technological generations are extremely short in pursuit of new breakthroughs, and blockchain is no exception. One of the key strengths of blockchain technology is scalability and native integration—SMBs on through to corporations can make it a part of their approach to logistics, whether intrinsically or through partnering with a blockchain-savvy 3PL provider.

Business is conducted by default without blockchain—consider that with technologies as convenient as RFID chips and scanners, some warehouses still operate with paper at integral points. Others view it as a fad, just waiting it out while others cash out on the hype. Even those with an interest in exploring it are hesitant to invest time and money into a technology that still lacks industry-wide standards and practices.

Investing in blockchain without industry support is risky. Companies may need to hire additional programmers as well as educate legal departments about new ways of doing business. Thankfully, there are innovation-hungry companies who see the potential blockchain offers to the logistics industry.

Early adopters are forming alliances to lay much of the important groundwork of introducing blockchain to their industry. BiTA, for instance, unites some of the largest shippers, 3PLs, and fleets across the country that see the potential blockchain has in logistics.

By uniting the industry behind a common framework, the hesitation will start to give way to wider adoption and fewer obstacles. Gartner suggests that non-pilot use of the blockchain in logistics will begin trending as early as Thought leaders within the blockchain community are also making headway into adoption through education.

By making educational and certification resources available through learning centers like Udemy , they're broadening the base of professionals who grasp the benefits of adopting the technology.

The most forward-thinking companies are also encouraging employees to stay up-to-date with sources such as FreightWaves for the industry and Coindesk for blockchain news at large. This enables entire teams to get adjusted to the idea of understanding and talking about the blockchain, making them much more efficient adopters when the time comes for company-wide implementation. But technology's destiny is ultimately to bridge gaps—language, math, ability, and now transparency. Just like the first companies to embrace "horseless carriages," those that make a point of staying ahead of the movement with education and open-minded consideration will reap the rewards it has to offer.

Get started on your own innovation enrichment by downloading our Supply Chain Innovation Technology eBook to discover the innovations that are driving the technological evolution of the logistics industry. We'd like to hear about your supply chain and discuss ways Kenco can help address your business needs. Kenco provides integrated logistics solutions that include distribution and fulfillment, comprehensive transportation management, material handling services, real estate management, and information technology—all engineered for Operational Excellence.

Back to Kenco. Request Quote. Never miss a post! Receive new, weekly blog notifications in your inbox. Material Handling Equipment. Using Blockchain in Logistics One of the key strengths of blockchain technology is scalability and native integration—SMBs on through to corporations can make it a part of their approach to logistics, whether intrinsically or through partnering with a blockchain-savvy 3PL provider. Blockchain technology can handle it.

Smoothing shipments : When your chain needs to stretch across the country or the ocean, having a standardized, universal-language approach to following progress will prevent many common slowdowns and mishaps. Blockchain shows when a product ships, when it passed through certain checkpoints, and when it arrives, enabling supply chain partners to prepare for and efficiently process items as they're en route.

Product and fuel payments : Blockchain technology—smart contracts—can automatically trigger payments when certain criteria are met: a truck arriving at a checkpoint, or delivering a verified shipment from manufacturer to recipient.

In some cases, a carefully-constructed implementation may even eliminate the need for—and, more importantly, the cost of—brokers. Truck maintenance and verification : Considering the huge waves the electronic logging mandate made through the logistics industry, having more control and better oversight on vehicles is a prudent investment.

Blockchain can be used to track everything from odometer readings to hours driven per driver, to maintenance records, ensuring that your company stays in compliance. Organizations Paving the Way Early adopters are forming alliances to lay much of the important groundwork of introducing blockchain to their industry. Learning Blockchain Thought leaders within the blockchain community are also making headway into adoption through education.

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Resolving the Blockchain Paradox in Transportation and Logistics

Ready or not, blockchain is coming to the freight industry. But what exactly this technology will mean for the logistics industry remains to be seen. Blockchain is basically a database and ledger on steroids. It stores records of values and transactions in a secure, unalterable database. By creating these secure, unalterable records of contracts, blockchain could present a world in which we can capture every part of a transaction in a digital record. Blockchain would track, verify, store, and share all aspects of every transaction.

Penske Logistics has joined the Blockchain in Transport Alliance, a group dedicated to setting standards for blockchain technology.

Blockchain: a boon for logistics?

The digital ledgering technology provides a clear way of logging and exchanging data securely among various members of an ecosystem. As a concept, this sounds like a no-brainer in the decentralized, increasingly digital economy. In the modern era, there is growing focus on customer experience, and where many different players in a supply chain may directly or indirectly impact customer experience. The challenge with blockchain over the years, however, has been that companies across industry verticals were not always sure what it was or how to use it. In addition, organizations mulling the use of blockchain must navigate how they could benefit from participating in ecosystems where data was shared more openly while also ensuring data entering into the ledger was accurate in the first place. The mindset has evolved to allow more investment in blockchain in industries like transportation and logistics. For example, companies in logistics are accustomed to working with various intermediaries to ship and deliver packages. As such, transportation and logistics is one of the sectors in which more companies have been embarking on proof-of-concept testing of use cases in IoT architectures join with blockchain to share encrypted data between parties. Reichenbach said.

Blockchain Technology in Logistics

blockchain transportation logistics

UPS has joined the Blockchain in Trucking Alliance BiTA , a forum for the development of blockchain technology standards and education for the freight industry. UPS said it sees the need to create industry standards and protocols to enable blockchain platforms to operate together with established technologies. In a release the company stated that In the future, blockchain standards and intercompany collaboration will support the logistics strategies that enable UPS customers to participate in global trade and finance. UPS views blockchain as a truly disruptive technology that could change many facets of global commerce, the statement added.

Blockchain and artificial intelligence are bringing rapid change to the normally slow moving transportation and logistics industry, according to PwC in its recently released Transportation and Logistics Trends report, which is part of its annual CEO survey.

Blockchain in logistics: What it is and how it’s changing the industry

Skip to Main Content. A not-for-profit organization, IEEE is the world's largest technical professional organization dedicated to advancing technology for the benefit of humanity. Use of this web site signifies your agreement to the terms and conditions. Emerging Smart Logistics and Transportation Using IoT and Blockchain Abstract: Transportation and logistics management play a vital role in the development of a country. With the advancement of the Internet of Things IoT devices, smart transportation is becoming a reality. However, these abundant connected IoT devices are vulnerable to security attacks.

Blockchain, AI offer big savings in transportation and logistics, PwC survey finds

Many big companies like Google, Amazon and others will be using blockchain technology. There are many issues nowadays in transport and logistics, like transparency; where consumers do not know where their products come from. A product can be inspected by more than 30 organisms while traveling; adding all of this costs a lot of money. The process is still verified manually by sheets of papers; if one paper is missing, then a whole container, for example, can be delayed and not loaded. The transport can be delayed for several days, and if there is an expiration date on the goods, it can be lost. A situation that happened in the US West Coast ports in was a nightmare for all parties involved, due to the slowdown of work. This is just one small example of how it becomes more and more challenging to keep on-time delivery rates high; a strike in India, risk of war in the Middle East, piracy in Somalia, and even Chinese New Year are all contributing factors to this problem one way or another. Blockchain, invented by Satoshi Nakamoto, is a distributed database technology that holds records of digital information with transparency, security and works without a controlled central organ.

Figure Transport Code regulation of logistics and freight services in blockchain and other distributed ledger technologies (DLTs).

CargoX for Transport and Logistics

The aim is to make sea freight data and delivery status visible at any time. Blockchain technology allows the automatic forwarding of information that cannot be changed afterwards. CargoSmart will record sea freight data onto the blockchain, which enables trading partners to independently view the delivery status at any time. According to the company , measurable successes have already been achieved in the processing time of shipments.

The use of Blockchain in the transportation and logistics industry

RELATED VIDEO: Blockchain Based Transportation Network

There is little doubt that blockchain — the newest buzz word in technology — has the potential to change the way transportation carriers interact and transact with each other. Support of this enterprise solution, which documents transactions that are important to the safe and efficient moving of freight, is gaining traction, and the number of retailers, manufacturers, and carriers embracing blockchain and its benefits is growing. Increased demand for security and transparency within the supply chain is driving interest in the ability to have a continually updated, unchangeable ledger of economic transactions on a peer-to-peer network. Blockchain still encompasses the various familiar transactions in the supply chain, but it adds a level of protection as each transaction is validated and recorded. No one party on the network can modify or delete any record without consensus from the others.

The article deals with issues related to the use of blockchain in the transport industry.

Blockchain technology: Quicker off the blocks

View all insights. Blockchain in transport — Awaiting the breakthrough. Analyzing the impact of blockchain technology and identifying use cases within the transport industry. Blockchain seems the perfect solution for the complex, decentralized supply chains of the transport sector, but results to date have been disappointing. In this article, we analyze the latest global research with industry executives and use the findings to determine what needs to happen for the technology to reach its potential. Since it came to prominence within financial services applications such as cryptocurrencies and digital asset exchanges, the race to find breakthrough applications for blockchain technology in other industries has been intense.

Freight contracts, document transfers, food safety, driver security, parts management and asset tracking are among the many elements of the trucking business that could become easier and more secure through new applications built around the shared digital ledger called blockchain. The blockchain concept originally was developed to support the digital currency Bitcoin, but technology experts are exploring a whole universe of possibilities to apply it to other industries, including transportation. Trucking fleets, transportation software companies and other industry players are studying blockchain, testing it and anticipating it could reach a tipping point within two years.

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