Archive for the ‘Blockchain’ Category

How Blockchain is revamping the Freight and Logistics Industry?

Thursday, August 13th, 2020

Technology is ever-evolving phenomena and it is reshaping almost every industry vertical with its innovative advancements and modernized methodologies. Likewise, the logistics industry is no left behind. Global shipping is a core part of today’s economy, but it is also an area that has seen few technological advances. A typical cross-border transaction involves multiple parties like exporters, importers, freight, logistics companies, etc. But now an immensely trending technology named Blockchain—a secure, replicated, immutable shared digital ledger that relies on the consent of a global peer network to operate. The digital ledger is a series of encrypted “blocks” that are linked together in public “chain” and are offering a way forward. Blockchain, since its inception, has been the buzzword for its excellent transparency and security. It is rapidly modifying the way we store and manage data. Besides, Blockchain can help track worldwide shipments more effectively, lessen administrative tasks by automating the documentation process, and guard transactions across the complete logistics chain.

Current Challenges

Currently, the global shipping sector goes through multiple bottlenecks:

  • The exchange of paper documents makes the entire process sluggish, cumbersome, and expensive.
  • Multiple parties are involved in diverse countries.
  • Extensive information about the shipment gets passed and re-packaged from one party to another often ends in errors and theft.
  • Inaccurate and false documentation leading to held up cargos in customs and imposed penalties

In conclusion, the transport and logistics companies require higher authentication, secure data to consistently improve their operations and transparent way to handle the information exchanges between parties.

Upcoming State with Blockchain

Chain Supply Utilizing the Blockchain Technology

Blockchain technology will change the way shipping and global trade operates by assuring that the stored data records are tamper-free and from a genuine source, enabling all associates to feel trust and belief in a single source of truth. Any additional information is adjoined to the original entry of the blockchain. Besides, no individual can alter the algorithm that is built into the system without the approval of others. This, however, builds confidence in the system and ensures a level playing field for even the tiniest players.

Some Current Examples of Blockchain Application in the Supply Chain

Food Security: Blockchain is seamlessly enhancing the traceability of food products along with the entire production and logistics chain. It is empowering the authorities to respond immediately and efficiently in cases of large-scale food contamination.

Cross-border Payments: Blockchain has made it facile to transfer money across borders and between institutions while diminishing intermediary costs, especially when it comes to compliance inquiries.

Cross-border Finance: Financial authorities utilizing Blockchain to transfer digital documents to encourage trading and financial activities between the two nations, also to transfer data seamlessly across borders.

Conclusion

Blockchain Technology handles the documentation process from the initial booking, shipping instructions to the drafting, and creation of the Bill of Lading and Customs Manifest. This pioneering solution has the potential to eradicate the increasing demand of shipping documents, empowering various stakeholders to positively and securely access shipment transaction data. It could lead to immense savings for those involved in international shipping. Shortly, enterprises are working on designing a unique shipping platform by leveraging blockchain technology for a broad set of information capture and distribution. This collaborative platform will provide an industrialized, secure, and scalable approach for the shipment process and it will bring a significant transformation to the freight and logistics industry.

How Blockchain is Empowering the Business World?

Tuesday, June 16th, 2020

If you are in the business world, then the term ‘Blockchain’ would not be a new one! Blockchain is undoubtedly one of the hottest new technologies to hit the business world, and companies are racing to learn more about it and how they can apply it to their business. According to statistics, the global blockchain market is anticipated to be worth $20 billion by the end of 2024. What’s driving this exponential growth? A number of factors are contributing, such as- The need to simplify business processes to keep pace with the speed of business, transparency, traceability, and reduced costs.

Well, Blockchain may have gained huge momentum in the marketplace, but people are still not aware of the terminology. They see blockchain as a synonym for bitcoin and often use the terms. However, there is no excuse for losing out on the immense business opportunities that the technology can offer you. Today, in this article you will understand different ways blockchain can make a huge difference in your business processes.

Top Industries Leveraging Blockchain Technology

Within just the last few years, industries from insurance to finance, manufacturing to local government, and everything in between has found ways to utilize the power behind blockchain! Have a look-

Considering this wide spreading of Blockchain, most of the organizations have embraced this new technology in their business. Also, the business and IT services will mark 70% of all the blockchain spending in the future, as per the research.

So, let us discuss what blockchain is and the assorted benefits of using this technology in businesses.

How is Blockchain used in business?

As the name implies, the blockchain is a series of linked data blocks. Nothing can be erased from the ledger or audit track, but more data can be added in the form of new blocks. A unique code makes it possible to differentiate one block from every other block on the chain. Blockchain is important because it is a foundational technology that has the potential to be used in an almost infinite number of ways. Some of them are-

Operational cost reduction

One of the prime benefits of blockchain technology is that it can reduce operational costs. This is because blockchain allows businesses to remove intermediator or the administrative effort associated with both transaction balancing and record-keeping.

Easy of Payments

The collaboration of blockchain and digital payments is also one of the obvious applications of decentralized blockchain networks. By removing the involvement of third parties and associated documents like billing statements and invoices, blockchain has also eased the cash flow in the startups and establishments.

Supply Chain Management

Another great benefit of blockchain for businesses is that it makes supply chain management simpler. It offers a cost-effective method of tracing goods without the guesswork and inefficiencies. This, as a result, making it possible for companies to combat counterfeiting, delay in product delivery as well as security. 

Transparency

When discussing the importance of blockchain for business, technology also adds the benefit of transparency into the business processes. Blockchain is immutable in nature which means the content stored in the system cannot be added, altered, or removed anonymously. This improves accountability and trust between the business partners; making it possible for one to monitor everything in real-time.

Smart Contracts 

Smart contracts are also one of the outstanding ways of considering blockchain for business communication transformation. Being a self-automated contract, Smart contracts are programmed such that the actions are taken on their own when the associated terms of the agreement are fulfilled or not. This not solely reduces the need for intermediaries but also makes the transactions cost-effective, time-efficient, and trustable.

Robust Security

Security is a key requirement for every business. The technology comes with the power of decentralization and transparency which encourages users on the network to store and verify some or all of the information stored in the network. Also, the blockchain network comes with higher complexity and security considerations which lower down the risk of cyber attacks Above all, Blockchain is also emerging as the perfect answer to the fight against Coronavirus by offering real-time tracking information, data immutability, and transparency across distributed decentralized ledgers.

Final Words

Blockchain technology is undoubtedly here to stay and will change the face of business. With the above-mentioned points, you can not overlook the fact that blockchain has so much potential for the business. Companies are observing these business benefits and embracing blockchain technology for its wide-reaching possibilities.

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