Using Blockchain In Logistics

Blockchain technology is everywhere and taking the world by storm. The application scenarios in business are countless; so, while most people think of Blockchain as being limited to cryptocurrencies, there are many more advantages. This is especially true in logistics, where the technology helps track inventory and improve shipping and invoicing.

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Micro Inventory Tracking

Inventory management using blockchain technology significantly reduce imbalances and inefficiencies. Blockchain technology is so efficient at keeping track of inventory it even works at micro-levels. Because it can track as small as a batch of products, Blockchain saves businesses thousands of dollars. If some products become tainted, spoiled, or exposed, there is no need to destroy the entire stock. Blockchain can track back to only the contaminated inventory. 

Tracking Logistics

Using Blockchain, supply companies can document production updates to a single shared ledger, provide complete data visibility and provide a single source of accurate information. Blockchain technology can also track and simplify an existing logistics process. This type of technology will lower costs by reducing errors, improving delivery times, and showing any detection of fraud.

Invoicing and Payments

Using an invoicing system on Blockchain will allow for seamless payments made automatically from the customer to a business. One of the biggest challenges in logistics is having efficient and secure methods for invoicing and payments. Using cryptocurrencies, Blockchain handles secure transactions effectively and simplifies payments globally while keeping them transparent. It minimizes errors by removing the middleman and provides a system that prevents fraud.

Supply Chain Transparency 

Blockchain enables more transparent and accurate end-to-end tracking in the supply chain. Because it eliminates the middleman, the technology ensures that logistics have better visibility, improved credibility, and trust between businesses. The encryption and control mechanisms used by Blockchain safeguard transparency by storing information so that it can’t be altered without recording the change.

The transportation of goods across the globe may involve several different shipping companies, leading to enormous transactions. Using Blockchain keeps all parties accountable and all information transparent. If you would like to learn more about how Blockchain can help your business, contact us at 502.907.6593.

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