Logistics, which is the transportation and storage as well as delivery of various goods, has been around since the ancient times. The industry has evolved as the times have changed, and it has taken on an even bigger role as the recent pandemic kept people at home and nearly everything had to be delivered to the doorstep. However, poor technology and the lack of transparency have dogged this industry. Blockchain now looks set to address those longstanding challenges and improve the entire logistics space.
Logistics firms are constantly looking for better ways to serve their customers, and blockchain is offering some exciting possibilities for them. For example, Uniliver, Walmart, Nestle and other giants in the consumer packaged goods segment have entered a collaboration with IBM to come up with a next-generation system aimed at making it possible to track food items effectively. Pilot projects undertaken by Walmart in Mexico and China have already enabled the retail giant to track infected or spoiled batches of food items such as mangoes and meat.
Tallysticks, a fintech blockchain company, has commercialized a distributed ledger piece of software that makes it possible for businesses in different industries to process invoices as well as payments in a more secure way. Everledger has focused on diamond trade and designed a blockchain-based system to track these precious metals from their origins through the supply chain up to the final buyer. This information is shared with the final consumers, and as the use of this system proliferates, counterfeit gemstones and the illegal trade in diamonds could be reduced significantly.
Provenance, a logistics company based in Indonesia, is using blockchain technology to enhance transparency in the coconut export industry of the country. The system has made it possible for farmers to be compensated fairly for their produce, and the degree of transparency exhibited by the company has boosted its B2B business since clients interested in sustainability and fair market practices find Provenance an attractive entity to work with. The company is walking the talk of treating all value chain actors fairly, especially smallholder farmers who are at the bottom of the ladder.
Lots of customer disputes in the logistics industry arise from shipments that have gone missing, are delayed or were damaged. FedEx is seeking to address these causes of customer complaints and disputes by using blockchain tech to gather as much information as possible about shipments and share this data with clients prior to and after item pickup.
All these use cases are but a tip of the iceberg. As a lot more logistics companies leverage blockchain to address various challenges or improve their efficiency, this new technology is likely to become entrenched in the industry, and other entities such as Bit Mining Ltd. (NYSE: BTCM) involved in bringing blockchain closer to every person will ride on these successes elsewhere to build confidence in their offerings.
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