Industry experts are excited about the potential of logistics and freight forwarder blockchain technology.
An application that uses blockchain technology for logistics has been developed as a prototype. Pharmaceutical products are tracked from manufacture to customer purchase point, from a factory pick-up to a store transaction. By keeping track of the product, you prevent tampering and logistics errors.
Logistics and freight forwarding are ideal applications for blockchain technology,blockchain applications are wide. Consider the example of a prototype that works. In the pharmaceutical supply chain, it facilitates tracking of healthcare shipments. Every supply chain event associated with a uniquely identified product is recorded and validated in real time. The data in the system is completely secure since the transactions are recorded. The supply chain records cannot be altered, erased or tampered with. An electronic ledger can be made available to all stakeholders in the supply chain, including
With each pharmaceutical product uniquely identified, it will be easier to detect theft or misappropriation. This application is seen as being one of the most advantageous due to the inherent irrefutability of the block chain ledger. As a result, preventing the manipulation of supply chain transaction data would assist in limiting the number of counterfeit products entering the system, or incorrectly processed data. Doctors can actually save lives if manufacturers distribute proper and legal products.
An application prototype tested by UC Berkeley showed it could process more than 7,000,000 unique serial numbers and 1,500 transactions per second. By making the prototype leaner and faster, improving transparency and traceability, as well as automatically processing and introducing smart contracts, the entire process could be automated.
Blockchain logistics application: ShipChain built a blockchain-backed logistics platform to support the shipping process from end-to-end. The platform allows all parties on the chain to receive updated information on a container’s whereabouts, as well as estimated arrival times, via encrypted public ledgers. Founded in 2017, the company has already received more than $30 million in funding.
What benefits can logistics and freight forwarder blockchain technology bring?
With blockchain technology applied to logistics and freight forwarders, poor efficiencies, lack of transparency, and inadequate security in global networks can be corrected. Thus, it looks like we’re just a few years away from seeing some of the benefits of block chain technology in the logistics and freight forwarding industry.
Improved transparency and traceability
Up to 30 parties may have to approve and verify the progress of a shipment traveling from India to the United States. It is estimated that 200 supply chain events have taken place upon reaching the United States. Shippers, carriers, regulators, retailers and wholesalers, and even customers are involved in these supply chain events. Data from supply chain transactions can be stored on the chain to improve supply chain transparency and traceability. Shippers that use the blockchain could, for example, pass along information to carriers, such as compliance.