In transportation, complex and time-consuming paperworks, along with the risk of returns and refunds, are always a problem. How does Blockchain apply to transportation? Will Blockchain be the “savior” of more than $ 4 trillion worth of goods shipped every year ?
Sellers, buyers, and banks will soon say goodbye to the old system of seaway transportation and its complex paperworks.
The significance of Blockchain application in Transportation
Blockchain emerged as a solution for the seaway transport, achieve two goals: transparency and simple. Blockchain application that manages global freight movements with a transparent and unchangeable system. Moreover, smart contract will replace the complex paperwork, accelerat the transport of goods.
See also: What is the application of Blockchain
Blockchain application in Transportation
See also: Blockchain and Applications
Many big transport companies have gone with the flow by applying the new Blockchain technolog. The initial result is more beyond expectations.
Maersk –IBM Joint Venture
Maersk, the world's largest shipping company, has formally partnered with IBM to launch a joint venture to provide more efficient and secure methods for conducting global trade using blockchain. This could be a revolution that changes the traditional cross-border shipping processes.
FedEx - BiTA Cooperation
Shipping and logistics FedEx is turning to the decentralized technology by applying Blockchain to its core processes. FedEx has co-operated with Transport Alliance (Bita) - a leading group of companies in freight, shipping, and logistics, into applying Blockchain to daily operations.
Samsung SDS, an IT subsidiary and technology vendor of Samsung, will begin launching a pilot blockchain project for logistics, Its purpose is to track down goods location in shipping. Fortunately, this demo is a success as it completed all the tests of tracking a package from order to shipment, including delivery it from Korea to China.