Five Ways Blockchain will Impact Logistics

Bitcoin is in the $11,500 range as I write this on August 12, 2020. This is not quite its high, but the value has increased from $9000 recently. I bring this up because when people think of blockchain, they think of bitcoin. Blockchain technology is so much more and is changing the way logistics will operate. Here are some examples of how blockchain is changing logistics.TransparencyThe purpose of using blockchain is so that everyone across the supply chain has transparency to what has occurred as products move through the chain.Consumers are more interested in the origins of the food they consume. There are several Beefchain is a blockchain technology that can track where a calf was raised, who fed it, what it was fed and how it was transported.All with the goal of increasing transparency.Level Playing FieldImagine if you are an olive farmer in Italy growing organic olives. The multinational company you would like to sell to requires certificates of origin, authenticity, etc. You can’t afford the certification process and are left out of the supply chain.Using a GPRS enabled mobile phone, this small farmer could provide blockchain evidence with a mobile app allowing them to take part in the global economy.Authenticating GoodsImagine you ship your goods across the ocean to Ireland. Using blockchain to authenticate the goods, you could get paid upon product arrival instead of waiting for the goods to get processed through customs, etc.This eliminates paperwork, time and nonvalue-added activities. Everyone from the shipping company, freight forwarder, ports, and customs officials will see huge savings in time and effort.Location IntelligenceAdding location intelligence to the blockchain ensures products are in the right place, at the right time, and received by the right people. Imagine having location intelligence and manifest data to a blockchain at the Shanghai China port- the busiest port in the world.You can imagine the hundreds of thousands of containers containing millions and millions of assets. Blockchain technology with location intelligence allows you to track exactly where your product is at all times among millions of assets.Fraud Prevention and DetectionAdding mapping capabilities and location rich data to the blockchain allows for fraud prevention.It’s your anniversary and you want to buy your wife a Louis Vuitton purse. How can you be sure that it came from Italy and not China? Deploying mapping capability and location data ensure that as the products move through the supply chain, the locations are where they claim to be.If you as a consumer could view the blockchain data, you would know for sure the purse is real and not a fake. This can be used for all types of goods where counterfeiting is an issue.As always, it’s an honor to serve you, and I hope this helps you and your organization get a little better today.Rate and Review HereMore show notes are hereSchedule a free 1/2 call with Tom Reed.Buy the Lean Game...