What Features Can Blockchain Bring to Your Logistics Operations?
The logistics industry and supply chain have been a fundamental matter since the first exchange in history took place. During this time, both sectors have grown a lot: for example, a container shipment has increased by 290% since the beginning of the century. However, a fast rise brought more severe issues. The logistics industry is suffering from constant threats of fraud, counterfeited and stolen goods. Due to the lack of security and tracking possibilities, the loss of shipment costs billions to businesses.
Nonetheless, as the world moves forward, new technologies and digital solutions take place to deter enhanced hazards. Technologies like blockchain, internet of things (IoT), artificial intelligence (AI) are transforming the sector and suggesting innovative solutions to fight the most relentless risks. In this article, we will discuss blockchain and its beneficial features for the logistics industry.
What Are the Problems the Logistics Industry Faces?
As mentioned in the first part, the logistics sector and supply chain are dealing with many perils. Many of them occur from a lack of transparency and protection over goods. For instance, after a long shipment, it’s hard to prove the value and authenticity of shipped items. There are many cases when products are stolen during transportation or replaced to fraudulent ones. Not to mention, the loss in revenue due to lost and damaged items. Also, thefts of expensive goods during a shipment are getting more dangerous every year.
As thieves and counterfeiters begin to use more advanced methods to commit crimes, supply chain and logistics companies are looking at how to counterattack. One of the most promising solutions is blockchain technology.
Blockchain Features to Bring to Your Logistics Operations…
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