The logistics and supply chain industry is undergoing a massive transformation thanks to the IoT and blockchain. This transformation is having wide-reaching ramifications worldwide. Companies across the entire supply chain spectrum are reducing costs across the board. This is enabling entities to act more independently and with greater agility. Blockchain, IoT and mobile technologies are being integrated into a robust industry solution that provides real-time logistics tracking. This is having an immediate impact on solving issues with transparency, verification and tracking. The article that follows takes a deep dive into how blockchain can change the logistics industry in seven different ways.
Logistics/supply is currently one of the largest industries in the world. It’s the common factor in most international trade—the basic act of moving goods from here to there. The constant demand for logistics in every sector and the increasing distribution and division of labor and goods across the world has turned logistics into an essential component of modern human life.
This sprawling and interconnected system of businesses, trade routes, shipping manifests and legal red tape is made possible by a complex, multilayering of computer technology and old-fashioned paperwork. It’s an industry that’s often shrouded in unknowns and gaps, and sometimes even distrust, with transparency being at a premium for everyone involved.
Few companies involved in the logistics and supply process are willing to share contract details, information about money or data on sales and supplies. This makes it incredibly difficult for companies to gain visibility throughout their supply chain. Lacking this kind of high-level data transparency is ultimately a bad thing for businesses at each end of the chain.
