Trillion-Dollar Shipping Industry Betting Big On Blockchain - Seite 3

Linda Weakland, UPS's Director of Enterprise Architecture and Innovation, is long on blockchain. She says, "It has multiple applications in the logistics industry, especially related to supply chains, insurance, payments, audits and customs brokerage. The technology has the potential to increase transparency and efficiency among shippers, carriers, brokers, consumers, vendors and other supply chain stakeholders."

Blockchain: The Backbone of Modern Logistics

Within the freight transport industry, there are many intermediaries that are involved in the transportation of goods from point A to point B. Many individuals involved in the delivery chain process means that there are significant amounts of information that will remain hidden or get lost in translation.

Across global networks, blockchain fundamentals can provide efficiency, transparency and security. Incorporating these fundamentals will build a transparent way of monitoring global trade and lower costs between intermediaries within the supply chain.

The billion-dollar cannabis industry is ripe for this technology.Blockstrain Technologies Corp. (TSX-V:DNAX) (OTCPK:BKKSF). Blockstrain is currently attempting to secure the intellectual property associated with cannabis genomes by hosting it on a blockchain. By validating the genome and source of cannabis plants, stakeholders throughout the industry should be able to track their product from seed to sale.

To address the issue of amounts of intermediaries in a chain, Drone Delivery Canada Corp. (OTCQB:TAKOF) (TSX-V:FLT) is working to pioneer a commercially viable drone delivery system across Canada. Once in place, this system will effectively remove human error from large portions of the shipping process and lower costs between intermediaries.

To reduce fraud and friction throughout current supply chain systems DMG Blockchain Solutions Inc. (OTCQB:DMGGF) (TSX-V:DMGI) plans to work with an existing licensed producer to develop a platform ensuring complete provenance of controlled products through the entire supply chain system.  

If blockchain's integration into the logistics industry turns out to be a success, it is fantastic news for consumers, shippers and investors alike. It seems as though just about everyone involved is discovering the advantages of operating on a blockchain system. Especially for the shipping sector, it might represent a solution to the industry's need to keep pace in the face of steady rapid growth.