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Blockchain trends in logistics and supply chain are now more transparent and visible and are on verge of revolutionizing the ways in which companies can expand. Max Heine of CCJ Digital opines that a blockchain register that is distributable can provide information access to all parties to make sure about a shipment's accurate, valid and timed delivery. Therefore, it's essential for shippers to understand the Blockchain trends for 2019 which going to shape the industry.
Transparency is a significant concern with all technologies. With Big Data companies don't just see on the periphery but shippers can garner better understanding with blockchain. Also, blockchain will improve trade scenario globally. As said by Sedat Saka through Forbes, the rising demand for more IT services will include the use of blockchain based technology and big data.
Kevin Curran of The Street demonstrated that blockchain is good as its weakest link which is it's being semi-private in nature. With the capacity of making access and recording information, shipment across the globe might require over 200 touch points between start and arrival. This points that they must use similar blockchain-based platforms with similar access and transparency. The only solution is agnostic blockchain.
To say, private blockchains, like used by Maersk and IBM are limited to the companies using them and any transaction happening outside the specific company can't be logged within the blockchain. With the increasing popularity of agnostic blockchains in supply chain and logistics, this going to be a standard form of technology.
What is integral to blockchain trends and capabilities of logistics and supply chain is the necessity of applications and processing of payment. Blockchain was originally made for Bitcoin, so can be naturally implicated for making payments.
Steve Banker through Forbes said that blockchain systems have the potential to leverage IoT-based technologies for automation of data capture and taking the process. This will remove errors during manual data entry into blockchain. And with no edit options for blockchain after entering data, automation must be accurate enough to ensure accuracy and timely work with the use of blockchain-based technology.
The trends discussed above are sufficient to empower shippers without any corruptible resource that will maintain confidence functionalities of the supply chain. With blockchain, the capabilities of shipping companies expand with more connectedness and standard operations. On understanding these trends, shippers can take advantage of the potentialities of blockchain in logistics and supply chain operations.