This technology can be useful in many ways. Blockchain allows companies to use verified smart contracts that automate the whole buying process, saving time and costs. With the help of blockchain, companies can make the supply chain more secure and improve the transaction flow. Each product gets a specific tag, which allows companies to secure their supply chains with just a few clicks.
A single ledger allows you to store the information on authenticity, origin, property certificates, place of storage, and records. Thus, all the information that you need is stored in one place that is easy to access, which makes the supply chain completely transparent. At the same time, this technology helps decrease the amount of fraud and cargo theft.
Advantages:
- Cost and time savings in supply chain management by reducing paperwork.
- Lessen or eliminate fraud and errors.
- Reduce courier costs.
- Minimize delays in paperwork.
- Identify any issue faster.
- Build consumer and participant trust.
The shipping and logistics industry is searching for new technologies in order to improve the existing processes, cut costs and increase the transparency of the supply chain. The blockchain technology offers a solution to most current issues. There are certain challenges associated with the implementation of blockchain, but the more companies start implementing this technology, the more examples of successful utilization we will see. There is a number of effective implementation strategies that are being tested now, and the industry is going to change forever as more organizations get involved.
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