Definitive guide to blockchain in the transportation industry
by David Yoe
(Jacksonville, FL, US)
Definitive Guide to Blockchain in Transportation
The transportation industry now practices a legacy system. This outdated system is pricy to run and inefficient. It was about time we upgrade, but problem is freight brokers and carriers do not wish to adopt to new technology. The answer is, they don’t trust virtual agreements in business. Post covid contactless business become new norm, this paved wave for blockchain getting mandatory in trucking industry.
What is blockchain? how does blockchain in transportation work?
To explain in a simple sentence - Blockchain is a digital transaction document that could be transferred without getting duplicated - source (“Will blockchain technology make trucking industry more efficient" by Transcredit)
Blockchain will save cost and improve efficiency
We all know the run cop cost on each transaction to process documents. Blockchain will cut this cost with efficiency and time-saving.
* Traceability: Truckers exact GEO location could be traced every moment of the way to provide a real-time view of your precious loads
* Security: There is no fear of duplication, the documents are secure and encrypted.
* Automation: Transaction is purely digital from e-sign to email the process is completely automated with validations
* Speed: Immutable data provide efficiency as it helps avoid any third-party audit, saving time and money
Blockchain has further emphasized the need to use business credit scores before doing business virtually. This brings us to another important topic - choosing the right credit reporting agency in the transportation industry.