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.
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.