Being abreast with the latest crypto news, lets you know all the important back to back developments happening in cryptocurrency and blockchain technology. Just like any random news from other respective fields like sports, entertainment, politics, and other human interest related stuff, cryptocurrency too has joined the brigade in becoming a topic of interest for many people in the business. Now, when there is mention of blockchain technology, then it is great to acknowledge its growing importance for its use and acceptance in various industries. Moreover, one can observe the significance of blockchain technology in transportation and logistics.
If you want to know the specific reason for what makes the blockchain technology so important for transportation and logistics, then there are various of its operational examples to prove it. Blockchain technology is beneficial for boosting tracking of shipping and freight cargo and enhancing its security, tracing fleet of suppliers and generating peer to peer bridge between suppliers, carriers, clients and manufacturers, allowing transport connectivity in independent economies to raise the productivity and lessening the price of transportation that are related to cargo and passenger.
Blockchain technology has also become a worth need for several startups in terms of benefitting in purchasing purposes, car rentals through keeping, and data sharing. Apart from it, blockchain technology is also being referred for resolving existing problems in the logistics industry. These problems vary from dispersal condition of transportation, as most of the commercial trucks are monitored by owners. Besides this, many logistics face major problems in terms of poor infrastructure, shipping of food, and use of the old system method in cold chain products like vegetables, meat, and other products that need specified temperature.
Around 18% of the Chinese GDP is spent by logistics in a big nation like China, which is much twice in comparison to a developed world. The use of blockchain technology in the form of smart contracts can help in activating invoice payments, in the automation of accounts for paying and receiving. It will curtail hours of manpower levied in restoring documents. Now, get to know more about the use of blockchain technology and cryptocurrency in transportation and logistics.
Blockchain technology has been greatly preferred by IBM, to bring positive changes in supply chains in various means. The focused areas on which it is supposed to be applied include minimizing price, smooth-running of restocking tasks, tracing supplies, and brushing up productivity.
Formed by skilled executives of transportation, Blockchain in Transport Alliance (BiTA) is relying upon the utilization of blockchain technology to help in executing tasks in cost reduction and simultaneously enhancing the productivity of shipping.
Blockchain technology also finds its use in CarTaxi, an Ethereum-based blockchain platform. this platform facilitates in automated car service pulling with trucks and to benefit in the connectivity of trucks together, regarding their place, and mobile application use. Currently, it is much preferred in Russian cities.
Another Ethereum-based blockchain technology platform is Zeew. This platform helps internet shops to get linked with nearby accessible couriers, for the instant package transportation to clients. With the use of cryptocurrency, it will be very easy for businesses to obtain premiums and executive discounts, and to make payments for services and ads. The company has its offices located in Latvia and Malta.
