Blockchain in Supply Chain and Transportation

The transportation industry has always been reluctant to change. However, in the face of the current status quo which includes logistics inefficiencies, security threats, and general uncertainty, even the most reluctant transportation companies have agreed to digitalize their operations by adopting innovative technologies.

Since service buyers are seeking more accountability from the companies they do business with, transportation companies are looking forward to providing users with seamless supply chain operations by embracing automation. Blockchain — a distributed ledger technology offers a perfect solution to the fragmented transportation industry by ensuring enhanced security by reducing fraud and data manipulation due to the feature of immutability offered by the platform.

Apart from this, companies can do away with the need for unnecessary paperwork by uploading crucial data on Blockchain. The Shared ledger technology also increases transparency along the entire supply chain for all the participants thereby enabling companies to get insight into payments information, chain of custody, and position of shipment right from initial acceptance till delivery.

To learn more about blockchain technology for trade digitisation and to schedule a demo, contact us at sglabs@dlt.sg