HIGHLIGHTS

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.