How Blockchain is transforming the supply chain and logistics industry
While Blockchain is mostly associated with its debut role in the creation of crypto currency, the technology is a major disruptor, impacting several industries. With wide spread applications in sectors involving agreements/contracts, tracking, and payment, the logistics industry has begun exploring Blockchain technology to access its innovative and secure system.
Managing supply chains, today, include complex co-ordination to transport and distribute goods. Modern logistics networks cater to the expanding global markets, resulting in supply chains that span over hundreds of stages over months, multiple geographical (international) locations, tons of shipping and customs paperwork, and multi-level payments involving numerous stakeholders and entities involved.
Blockchain can potentially help increase the efficiency and transparency of the supply chain process and positively impact everything from warehousing to delivery to payment. Furthermore, with an essentially built-in chain of command, Blockchain facilitates bringing in the necessary reliability and integrity in supply chain management.