Blockchain is a decentralized ledger of transactions that was initially created for Bitcoin but continues to make a significant impact in a wide range of industries. This innovative technology creates records that cannot be altered or deleted, which establishes trust between businesses to do commerce with each other.
The blockchain makes it possible to improve efficiency in the shipping industry by providing real-time visibility of shipments and accurate financial reports. The rise of this technology will only continue to evolve, as blockchain technology can make a significant impact on the shipping industry very soon.
Here are a few of the most common ways that blockchain technology can transform shipping logistics.
#1) Improve Freight Tracking
Blockchain technology is a great way to improve freight tracking, as it can easily verify the exact location of a shipment and ensure that everything is on time for delivery.
Real-time tracking is especially crucial for temperature-controlled goods, as an on-time delivery is essential to ensure that it arrives on the exact arrival date without any delays or setbacks.
#2) Increase Efficiency with The Internet of Things & Cloud Computing
The Internet of Things (IoT) plays an essential role in blockchain technology by improving the efficiency of shipments. IoT sensors in trucks can detect the amount of space available for delivery while transmitting all of this data to the blockchain.
Cloud computing also makes it simple to record all of this data on a blockchain ledger, as this information is available from any location with access to the internet.
#3) Improve Carrier Onboarding
Another way blockchain technology can impact the shipping industry is by improving the carrier onboarding process. Blockchain technology makes it much easier to hire new carriers by creating a decentralized network that includes the records of freight carriers across a wide range of industries.
All of this information is readily available, which significantly enhances the carrier onboarding process.
#4) Effectively Track Fleet & Vehicle Performance
Blockchain technology also makes it easier to keep track of fleet and vehicle performance over long periods. Gaining access to detailed information related to maintenance history and vehicle performance allows a business to make informed decisions about purchasing a delivery vehicle.
The blockchain can easily store and validate this data without the need for a middleman, which saves a lot of time and money.
#5) Enable Smart Contracts
Smart contracts can play a crucial role in reducing costs in the shipping industry by providing self-executing tasks that only occur once certain conditions emerge.
The use of smart contracts is much more efficient than paper-based systems, as you can bypass numerous channels of approval, which keeps costs to a minimum while also reducing the chance of administrative errors or fraud.
Visit Cargobot & Stay Current with Inland Shipping and Tech-Related News
Cargobot is a company that specializes in helping shippers connect with a wide range of certified nationwide carriers.
This easy to use platform allows shippers to find the best carriers to always get their shipment to their destination on time without the need for a middle man. Real-time tracking, 24/7 tech support, and electronic document storage are a few of the main benefits of using Cargobot for freight shipping.
Visit the Cargoblog for all the latest tech-related news impacting the shipping industry. You can also visit the Cargobot Academy for additional information or download the app on iOS or Android.
Cargobot is also looking at ways to connect with the best independent sales agents in the inland freight industry. Visit our website to learn more about this brand new partnership opportunity!
Topics: Shippers
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