Why blockchainization is taking over logistics industry

(MENAFN- Trend News Agency) Baku, Azerbaijan, Dec. 14

Trend:

Blockchains are definitely the biggest technology trend shaking up 2018.

This Technology could be easily applied to any industry you can imagine, and the world's biggest corporations like Maersk, British Airways, UPS, Walmart, FedEx, Visa, MasterCard, Dell, and IBM are already using it in their supply chains.

It is estimated that today 6 out of 10 companies are searching for possible ways to apply blockchain technology to their businesses. There's even an association of transportation companies that has formed around blockchain technology adoption: the Blockchain in Trucking Alliance (BiTA).

Naturally, there is a question as to why blockchains are so desirable to companies operating the transportation of goods? Logistics industry experts from AsstrA-Associated Traffic AG provide their answers.

Currently, the logistics and transportation industry is facing multiple challenges, including cargo theft, opaque supply chains, unclear product origins, complex processes involving multiple freight agent intermediaries, and a lack of accountability for losses. Vyacheslav Turejko, AsstrA Chief Business Development Officer, says that cargo thefts typically go unreported and therefore the amount of losses remains unknown. Blockchain technology could provide an ideal solution, as companies could automate purchasing processes to make them faster and more secure.

'There are many of ways to apply blockchain technology in the freight forwarding industry. The most important way, however, is that blockchains can improve transactions and secure the supply chain by adding tags to each product. You will be able to store a wide range of information about your cargo, such as its origin, property certificates, and place of storage. Having this type of information easily accessible would decrease cargo theft volume in Europe,' says Vyacheslav Turejko.

Together with cargo tracking, blockchain technology supports supplier fleet tracking and facilitates interactions between carriers, manufacturers, suppliers, and clients. It can therefore reduce the total cost of cargo transportation.

'Smart contracts on a blockchain can automate processes and save many hours of documentation work for logistics companies,' adds Mr. Turejko.

Critics say that the technology will be an obvious target for hackers. However, cryptographically protected data can be stored on different computers which do not allow the disclosure of up-to-date information. For companies operating in the logistics industry, where multiple parties exchange information every day, higher security is the main motivation to invest in and adopt blockchain technology as soon as possible.

AsstrA-Associated Traffic AG leads an international group of logistics and transportation companies from its head office in Zurich. It has an excellent reputation and more than 20 years of industry experience. The company is represented in 18 countries across the CIS, Europe and Asia.

AsstrA's wide range of offerings includes the organization of international transportation by various modes of transport, import and export support, cargo insurance, project logistics, as well as trade, warehousing and customs services.

Thanks to wide geographical reach and cooperation with professionals, AsstrA offers optimal, attractively priced logistics solutions that take into account the needs of each client and partner.

AsstrA is a member of FIATA and ASMAP and holds ISO 9001, ISO 14001, and OHSAS 18001 certificates.

Contact us:

Email: ,

Моб.: +99450 2450456

WhatsApp & Viber: +48 576147796

Website: http://www.asstra.com

Fb: https://www.facebook.com/AsstrAsia/?ref=bookmarks

MENAFN1412201801870000ID1097829475