3 Ways Blockchain Is Changing The Face Of Trucking, Logistics And Freight
The logistics industry has undergone massive technological and procedural developments in the past few years. From on-demand delivery to optimizing truck routes, the industry has come a long way. Despite all these advancements, the time and cost components remain pain-points for logistics companies to solve given the ever-changing consumer demand.
That is where the blockchain solution comes to the rescue. In this article, we will explore some key areas where the industry struggles in terms of efficiency, cost and service to the end consumer.
Here are four benefits that blockchain brings to the logistics industry:
Improved freight tracking
In today’s world, consumers expect same day or on-demand delivery services for their products. These expectations are getting higher and higher as the internet progresses forward leaving the commercial transportation companies with an ever-increasing need to innovate. Currently, transportation companies need secure data to improve their operations but the current systems are highly unreliable and often, due to lags in the system, have dire consequences on their supply chain.
With the help of blockchain, none of these issues will exist in the first place. By using blockchain, the data is be secure and its flow will be authenticated in real-time to avoid any lags and tampering in data input. This also increases the reliability of the tracking information which positively impacts the efficiency of the shipping process.
IOT and AI improves efficiency
Capacity monitoring and volume often define the cost of shipping freight. By using IoT and blockchain in trucks, transportation companies can monitor all sorts of information regarding the cargo in order to do a proper cost-profit analysis. We have to remember that global shipments go through numerous checkpoints and are handled by multiple companies along the supply chain so having access to accurate data is a huge benefit for any shipping company.
Therefore, blockchain technology will be perfect to maintaining the integrity of the data received through sensors.
Effective tracking performance of the vehicle
As most of the trucks have to travel long distances and have to spend a lot of time on the road, their health and performance needs to be constantly taken into account to ensure that the vehicles are fit for the journey. Moreover, a lot of the companies use second hand fleet so properly evaluating the health of the vehicles before purchase is extremely vital.
Blockchain can help shipping companies have access to this information in a more robust manner to make sure the vehicles are up-to standard and the products are safely shipped. Also, the shipping companies will be able to properly predict maintenance issues to better plan their shipping routes.
Overall, it’s clear that blockchain has the potential to improve the current trucking industry operations.
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