Satoshi Nakamoto came up with blockchain in the year 2008. It’s usage started for transactions of the cryptocurrency. This network can be accessed by multiple partners but cannot be altered by any single individual. It gives a living transaction warehouse that shows facts to which only the algorithm itself can make changes. Transparency and security is crucial when dealing with partners and other stakeholders in any industry.
Blockchain technology is being used by supply chain companies for their transportation management solutions (TMS), customer relationship management software (CRM), and other cloud-based platforms they rely on daily.
Usage of Blockchain Technology in Logistics
An additional layer of transparency is added to supply chain, that gives clarity and peace of mind to stakeholders. The ability to communicate effectively and clearly with your partners and clients is the key to any successful business.
Blockchain solutions will create a record of all commodity transfers, throughout a shipment. Whenever a pallet is moved, or a container filled, or delivery attempted, a record is created. Thereby creating an incorruptible digital paper chain. Transactions are recorded in blockchain software. It can store digital copies of crucial paperwork such as a purchase order, bill of lading, customs documents, and many more. Any freight delays or arrival time changes by carriers can be updated while on the road.
A digital link between tracking software and hardware tools is created by blockchain. For instance, serial numbers, bar codes, RFID tags, and the product itself. Blockchain technology is scalable, affordable, and considerably reduces mistakes. It also adds a new layer of trust and transparency to partnerships.