Cargo Talk - - Opinion -

It en­ables equal vis­i­bil­ity of ac­tiv­i­ties and re­veal where an as­set is at any point in time, who owns it and what con­di­tion it’s in. Its dis­trib­uted ledger trans­ac­tions are likely to ne­ces­si­tate changes to in­dus­try reg­u­la­tions gov­ern­ing fi­nan­cial re­port­ing as well as au­dit­ing pro­cesses. It has ob­vi­ous ad­van­tages for global air freight in­dus­try and by its very na­ture for all play­ers in its value chain. Fre­quently dis­cussed chal­lenges such as EDI, trans­ac­tion up­dates, mes­sage tem­plates, mes­sage er­rors, man­ual data en­try er­rors, etc will be­come things of past with com­plete adop­tion of this tech­nol­ogy. Sin­gle big­gest chal­lenge will be to get the gov­ern­ment reg­u­la­tors on the right side of this tech­nol­ogy. A well-struc­tured blockchain net­work can pro­vide lo­cal pro­duc­ers with a de­cen­tralised plat­form for shar­ing and ex­chang­ing skills, re­sources and prod­ucts with­out re­ly­ing on third par­ties. Op­er­at­ing on the blockchain needs ex­ten­sive pro­gram­ming skills so the com­pa­nies needs to train their staff be­fore or hire new staff with rel­e­vant skills.

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