How is Blockchain Transforming the Trade and Logistic Sector?

The evolution of disruptive technologies such as Blockchain has the potential to transform several industries including global supply chain and cross-border trade and logistics. Right from effective tracking of shipment, reducing paperwork by automating documenting processes to securing transactions across the logistic supply chain, there are several practical applications of Blockchain in the trade and logistic sector.

Blockchain in the trade and logistic sector helps in increasing operational efficiency by increasing transparency and security. The decentralized ledger removes the monopoly enjoyed by middlemen or intermediaries over crucial data so that every party on the global supply chain can access real-time information regarding the tracking of consignment, tracing probable mistakes in documentation, etc. While the application of the Blockchain platform in trade and logistics is huge, its adoption will gain traction only when a significant number of stakeholders will embrace this technology.

To learn more about why digitisation is the key to fighting trade finance fraud, contact #dltledgers at sglabs@dlt.sg