From the past few years, Blockchain has become a buzzword in the finance and tech world. The introduction of Bitcoin has shown us its power to disrupt the traditional banking system. Decentralization of power is the main advantage of Blockchain.
Not only finance, but the Logistics sector is also experiencing a more significant shift in managing supply chains, verification of monetary transactions, and geo-location data. It offers numerous solutions to those who want transparent and secure digital solutions to complexities involved in the freight sector. But before diving deep, we should know, what is Blockchain?
To understand it in simple terms, view Blockchain as the growing list of information records, called blocks, linked together using cryptography. Each block contains transaction data and a cryptographic hash of the previous block. There will be a unique password key generated to access data from the particular block.
It acts as a peer to peer open ledger for making transactions in a verifiable and permanent way. It is secure and decentralized by design.
Let’s study how Blockchain is revolutionizing the area of logistics: –
AUTOMATED AND SECURE SUPPLY CHAIN
With the help of Blockchain, logistics firms can automate the whole process of buying and verifying contracts. The faster methods will eventually help the freight sector in dealing with inconsistencies involved in cargo, which often costs time and money. Companies can make the supply chain more secure with the improved transaction flow.
TRANSPARENT AND UNALTERABLE DATA
It allows the shippers to track the whole supply chain of product from manufacturing to delivering to the end user. Secondly, the information stored in Blockchain is unalterable (and cannot be changed by any third party.)
TRACKING VEHICLE HISTORY
Tracking of vehicle performance becomes comfortable with Blockchain. If a cargo company buys any second-hand vehicle, it can validate truck or lorry’s past performance without involving any middle man into the scene. The blocks of data contain the records of whole vehicle history. This blockchain advantage will eventually lead to a more standardized and reliable way of determining the cargo vehicle price.
Now you can book cargo carriers online, only on FR8War App. Add your shipment details and budget, and various shipment providers will bid for the price.
SINGLE LEDGER FOR ALL TRANSACTIONS
The single ledger holds the whole vehicle’s provenance information, property certificates, place of storage, and other records. Thus, all the information you need regarding the vehicle is in the set of blocks, which is only accessible by a single password key. It will diminish cargo frauds and bring more security to the supply chain.
THERE ARE CONS TOO
1. Blockchain’s immutability and provenance can backfire if the entered data is incorrect. Even done mistakenly, as a result, then, every attached block will have incorrect information.
2. Also, if the access key to blocks gets misplaced, this can result in a massive loss of data.
Blockchain’s disadvantages cannot outweigh its advantages. Blockchain is estimated to have $500 billion worth in freight and transporting sector. It is not wrong to say that Blockchain in logistics will be a game-changer.
Along with Blockchain, online transport booking apps is also transforming the logistics sector. You need to enter details and budget, and various shipment providers will bid to it.
Are you a consignor looking for hassle-free delivery of your load? Are you tired of calling different transporters to know the best price? Then fret not, Fr8War is here. Fr8War acts as a digital bidding platform between consignors and transporters. The consignor needs to enter cargo details along with the ceiling price, and various transporters will bid for it from the other end. Transporters get to compete for the load, and consignors instantly get the best delivery price. With Fr8War, the process is exceptionally straightforward, POST. BID. RELAX. Adopt freight revolution, and download Fr8War app now!!
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