COO, Last Mile ver­ti­cal TVS Lo­gis­tics In­dia

Cargo Talk - - Opinion -

The use of blockchain tech­nol­ogy is go­ing to trans­form the sup­ply chain in­dus­try im­mensely as it in­volves mul­ti­ple ven­dors for every trans­ac­tion. By hav­ing blockchain tech­nol­ogy in use we can share in­for­ma­tion in a se­lec­tively vis­i­ble fash­ion, so that only the au­tho­rized per­son can see the data and man­age the flow of goods, flow of money and the flow of in­for­ma­tion with com­plete trust. Also one of the big­gest is­sues that com­pa­nies face at present is track­ing and trac­ing of goods be­fore, dur­ing and af­ter ship­ment. The dis­trib­uted ledger ca­pa­bil­ity of block chain pro­vides buy­ers and sellers with in­creased vis­i­bil­ity and con­trol from ship­ment to re­ceipt, which ul­ti­mately re­duces the risk of fraud. By em­bed­ding blockchain across ap­pli­ca­tions and net­work, we can trans­form sup­ply chains that are smarter, faster and more trans­par­ent from sourc­ing all the way through from ship­ment to re­ceipt. Blockchain tech­nol­ogy is in­cred­i­bly elas­tic. It can be mod­i­fied in dif­fer­ent ways, to ad­just in dif­fer­ent pro­cesses, net­work node ar­chi­tec­tures, and par­tic­i­pants. At present it is dif­fi­cult to gen­er­al­ize about blockchain for busi­ness in a way that is uni­ver­sally true. Chal­lenges like bad data qual­ity, er­ror han­dling, cre­at­ing the vast net­work, link­ing the phys­i­cal goods with blockchain, vis­i­bil­ity to dif­fer­ent par­ties de­pend­ing on spe­cific re­quire­ment and most im­por­tantly set­ting up of a com­mon in­ter­face when so many com­pa­nies are in­volved con­sid­er­ing the cost fac­tor.

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