The blockchain is the latest emerging technology that is rapidly taking a toll in the world. The latest technology is considered to be a revolutionizing force aiming to transform the order of the world just like the internet in the year 1992 did. The blockchain for a very long time by many factions of the world societies was considered a hoax, as it didn’t have the proof of concept and the idea was quite new to be accepted all at once. However, currently, there’s seen a change in businesses as they are adapting to the latest technology through blockchain implementation in their systems and moving their data on it. This new wave of enterprises and corporations starting to incorporate blockchain is giving the world an assurance it has been seeking. Recently, the UN collaborated with various startups and has decided to opt for blockchain implementation in its different programs which is coming as a guarantee for the world that blockchain is here to stay.
Blockchain can be explained as a distributed ledger that records all the financial transactions in and out and saves the data in a distributed form to keep it from all kinds of theft and corruption. The information on the blockchain is secured by a cryptographic code and no piece of information can be edited or changes unless all the members on the chain of network approve the edit order.
The technology as apprehended by many in the initial stages when it was introduced, to be here for a brief time, but as soon as all the layers of it were unfolded, the technology revealed the aspects that had not been explored earlier. The world is now aware of the utility of this technology and very well knows that the blockchain implementation is not limited in the field of finance, but the spectrum of this technology is wider than one area only and spreads to cater to more than 20 industries in the world. One of the prime industries that have been disrupted by the blockchain is the transportation business too.
The transportation industry is one of the biggest industries that are going to be disrupted by the blockchain implementation in it, as the system has the capacity to manage all the transport operations, to and fro. In the following article, we are going to discuss all the ways that are going to transform the commercial transportation.
5 ways blockchain Implementation in commercial transport will transform it
- Better Freight Tracking
The business of freight where is most profitable, it’s also based on a very strict demand to delivery system. The main requirement of the business is the delivery of items on time and to satisfy the expectations of the consumers to raise the bar of your courier of logistic service. to maintain this order, the commercial transportation companies need to integrate the most innovative solutions in the business that can obtain best results for them.
The biggest logistics and trucking companies are already opting for tracking solutions that are provided to them by the technology companies but keeping the technology up to date with the changing demands of the consumers is proving to be very difficult for many, hence the issue of authentication is a problem for a company too.
A survey report says that the biggest issue that the transportation companies are faced with is the matter of authentication. They look for options that can keep the recorded data secure and safe. The current systems for recording data rely on EDIs and APIs, where the problem of it being misinterpreted or manipulated is always present and the same issue affects the global supply chain order too.
The use of blockchain for data authentication can change the way the process of data validation takes place and leaves no room for the issue of tampering to still remain a problem. The blockchain implementation in the vehicle business guarantees an increased and reliable tracking system that keeps the shipment and delivery as a secure process. For instance, there are perishable items that need to be delivered on time and require quick transportation of them. this can be guaranteed with blockchain implementation in a very efficient way.
Big names like IBM are also partnering with global companies to invest and initiate a system where transparency and authenticity of the food supply chains that have to carry perishable items, can be guaranteed. The solution for this problem where timely deliveries can be made and recorded to ensure the efficiency is given by blockchain technology.
- The Internet of Things and the use of AI
The use of blockchain coupled with the Internet of Things can be very helpful in monitoring the capacity of any business.
This can very well monitor and keep track of cargo volume and the relevant cost that comes with the result of shipping an item from one place to another. The use of IoT sensors in all trucks and vehicles used by shipping companies can be really helpful. This can let the shipping and freight companies check for the space that’s consumed in a truck, manage cost and transfer all the information on the blockchain.
The blockchain can also be used to verify and authenticate the automatic payment system, from the shippers to deliveries to payment methods. This can manage the transportation and price of the load that’s been shipped from one destination to the other. This can also save time and money of many individuals that are involved in the operations as the blockchain eliminates the need for a middleman and provides much cheaper solutions to the companies.
- Effective tracking and vehicle performance
The tracking of the delivery is one of the important steps in the transfer and shipment. This also involves the efficient function of all the vehicles in the fleet that are used to carry out the operations of logistics.
If a company is interested in purchasing the second-hand vehicle for the delivery, the blockchain can help authenticate the information on the performance of the vehicle and keep its maintenance history recorded and checked.
There are companies that work as intermediaries, however, the purpose of blockchain is to validate the information of buyers and sellers without the middleman.
- Maintaining vehicle to vehicle communication
Blockchain technology and the internet of things together improve the capability and efficiency of the transportation industry.
Some of the transportation companies have already implemented the Vehicle to Vehicle Communication, which allows multiple operations to take place, and several vehicles to communicate with one another to ensure safety and efficiency.
The storage and validation of the data enabled by the use of V2V Communications on the blockchain can help transportation a great deal in all their operations.
- Load board
With the blockchain, shippers can post timestamped loads that are recorded and verified by the decentralized network. Because of this, a particular load cannot be duplicated and the data will maintain its integrity.
Many transportation companies are tired of load boards as the data gets jumbled and the chances of information getting copied and duplicated increases. The use of blockchain ends this issue and the information remains timestamped and secured in a distributed ledger on a decentralized network. this action which enables the duplication of data becomes impossible helps in keeping the information saved in its true form and integrity.
This also eliminates the need for a middleman as there remains no need for a broker to verify and validate the load data and keep it from duplication.
The use of blockchain which is apparently a new technology is going to transform the way transportation business operates. It’s going to bring an evident change and ensure the delivery of items at a given time.