Strong link in Blockchain for sup­ply chain in­dus­try

BLOCKCHAIN IS THE NEW BUZZWORD in CARGOTALK the in­dus­try. takes ex­perts views on how blockchain can trans­form the sup­ply chain man­age­ment (SCM) and the chal­lenges of blockchain for lo­gis­tics and sup­ply chain com­pa­nies that need to be watched out.

Cargo Talk - - Front Page -

Cur­rently past the Tech­nol­ogy Trig­ger phase of the hype cy­cle, blockchains are now po­si­tioned some­where af­ter the peak of in­flated ex­pec­ta­tions which has plethora of ben­e­fits for each party in­volved in the process. Trace­abil­ity and trans­parency would be im­proved with ro­bustly se­cure busi­ness net­works on blockchain with ease of pa­per­work pro­cess­ing, iden­tify coun­ter­feit prod­ucts along with in­ter­net of things and real time track­ing with an elec­tronic plat­form where all the myr­iad doc­u­ments re­lated to a ship­ment could be housed. A rel­a­tively re­cent trend in lo­gis­tics is fic­ti­tious pick­ups. These oc­cur when con artists show up at a ship­per’s dock, pro­vide fabricated in­sur­ance doc­u­ments, DOT num­bers for trucks, and pickup doc­u­men­ta­tion. It is ar­gued that blockchain could help pre­vent these kinds of thefts. More­over, it en­ables equal vis­i­bil­ity of ac­tiv­i­ties. But one should be aware as new prod­ucts and ser­vices are evolv­ing based on blockchain trans­ac­tions, as there are cur­rently no reg­u­la­tions on how the trans­ac­tions should be writ­ten. Although au­ditabil­ity and trans­parency are promised ben­e­fits of blockchain, highly reg­u­lated in­dus­tries may need to de­velop new rags for blockchain. In­for­ma­tion-shar­ing reg­u­la­tions will be al­tered to pro­tect com­pa­nies as well as their in­vestors and their cus­tomers. Laws will need to be en­acted that govern blockchain’s smart con­tracts.

ASHISH ASAF MD-CEO SA Con­sul­tants & For­warder

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