54.3% of logistics businesses have successfully boarded blockchain technology to develop a logistics supply chain with zero intermediaries and micromanagement.
Blockchain is a new-age technology backed by a distributed ledger that records all the transactions in an immutable way. Blockchain allows participants to share their data directly without any verification from any intermediary. The history of every transaction is stored permanently in the network itself, which doesn't allow further modification or altering. These offerings from blockchain technology are the primary reasons industry leaders have shown their confidence in the technology. The global logistics industry lacks transparency in the process, and blockchain is the most helpful answer. It is a decentralized data management and storage facility that distributes your data among connected devices instead of saving it to a data center.
The supply chain comprises a system of different organizations, information, activities, resources, and human resources, which generally assist in moving the products and services from the supplier to the end consumer. The supply chain management process incorporates the transformation of natural resources or raw materials into a complete service or product ready to be consumed by the end consumer. It facilitates data sharing effectively as every single device can access data, allowing easy tracking to authorized personnel.
There are four key elements of blockchain technology that are beneficial for logistics and supply chain management:
Blockchain technology is often labeled futuristic, but several small to large-scale enterprises have successfully onboarded blockchain technology. Here is a few real-life examples of industry leaders who have incorporated blockchain technology into the supply chain:
Supply chains are lacking in their adoption of new technologies and digital transformation. The different processes of the supply chain like tracking, documentation, and efficiency in resource management require the support of new cutting-edge technology to evolve into faster practices. For instance, the documentation cost in container transportation amounts to half of the transportation cost. With smart contracts based on blockchain technology, this cost can be reduced drastically to improve logistics and supply chain management efficiency and cost. Apart from these, issues like counterfeiting items in significant industries like pharmaceuticals, fashion, luxury, and electronics are hollowing the sector.
Let's have a look at different issues that can be catered by adopting to blockchain in supply chain and logistics:
MBS is a leading blockchain development company in India. We offer a seamless development and integration of your supply chain and logistics to the new-age blockchain technology. MBS is a team of industry experts and professionals with a thorough understanding of this trending technology to develop an efficient and effective platform based on blockchain to elevate your supply chain and logistics. The team at MBS ensures a rigorous development of the blockchain platform to help you sustain the competition and grow exponentially.