How Blockchain Technology Could Construct a Lucrative and Transparent On-Demand
Posted by veronica gilbert on April 17th, 2021
The industries where blockchain technology is implemented are experiencing tremendous growth in the market. One such industry is the transportation and logistics industry. Blockchain technology is making a revolution in this industry by processing more transparent, secure, and efficient transactions between companies. Here are few factors through which blockchain could construct a lucrative and transparent on-demand logistics market.
Data Transparency
Not being able to trust the accuracy of the information provided is the major problem in the logistics industry. Keeping the data secret by the companies under the supply chain leads to a lack of transparency in this line. Blockchain gives a significant solution in this scenario by providing a decentralized, transparent way to save and access the data stored.
Smart Contracts
A smart contract is a blockchain-based solution that offers automated legally binding agreements throughout the supply chain. This allows businesses to assess and follow the steps inside the logistical process, record the pre-programmed instruction set into them. It is to enforce compliance with the pre-agreed rules of a transaction that fails to complete an agreement.
Decentralization For Data Security
The current system is all centralized. This will lead to the malicious intruder having complete control over the system after gaining access. They can theoretically change or remove any data stored within the system. Blockchain Technology is decentralized, which means there is no single access point that provides any user the qualification to unilaterally make changes.
Permission-Based Access
Blockchain technology will govern who is eligible to access various tiers and subsets of the whole information inside the network. This is nothing but general information that can be accessed by any member, while sensitive information can only be accessed by selected members.
Clear-Cut Asset Management
Tracking assets and resolving ownership issues is one of the biggest strengths of blockchain networks. Blockchain can handle complex and ongoing transactions. Transactions cannot be modified once they are completed. Each party has access to all corresponding updates, which take place in real-time.
Extensible Order Management Solutions
With virtually no limits, blockchain is an extensible order management solution. There is no risk of bottlenecks clogging up a blockchain-based logistics network. One should select a correct consensus mechanism to ensure high performance.
Real-Time Asset Tracking
The Blockchain has the intelligence to duo with the Internet Of Things (IoT) and mobile-based technology to create a system for real-time delivery tracking.
Blockchain is a complete game-changer!!
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