Blockchain technology will slash the cost of transactions and reshape the economy with huge impacts on freight transport and the supply chain.
Logistics companies are beginning to use Blockchain technology for financial payments, cross-border trade and tracking freight flows, and it will soon have game-changing impacts on:
– Supply chain automation;
– Freight matching platforms;
– Autonomous vehicles;
– High productivity vehicle compliance; and
– Environmental excellence
A New Vision
The impact of blockchain on freight transport will go hand-in-hand with the rise of autonomous and connected vehicles and other exponential technologies. Envision a world where self-driving vehicles, with routing and pricing software tuned to minimise energy use, are guided to the quickest route by real-time traffic updates and to the next customer by real-time requests, with blockchain eliminating the middleman to match freight with vehicles, transact fees and set terms and conditions in a “smart contract” that sends payment to a supplier as soon as sensors confirm delivery. No drivers, back office staff or banks required. Tolls, parking, energy, insurance and maintenance automatically transacted. Today’s logistics companies face the prospect of competing with anonymous fleets of shared privately-owned vehicles optimised for quick, low cost delivery services.
Is this a realistic vision of blockchain’s impact on freight transport? What other possibilities are emerging? And how soon must we be ready to integrate blockchain to our business models?
Get a new white paper that probes these questions and provides actions you can take now to get ahead of the technology trajectories that will soon reshape all supply chains and business models.