THE FUTURE OF BLOCKCHAIN TECHNOLOGY WITHIN LOGISTICS
THE FUTURE OF BLOCKCHAIN TECHNOLOGY WITHIN LOGISTICS
Blockchain technology is often associated with cryptocurrencies such as Bitcoin and Etherium, but is now gaining traction within the logistic industry. The unique data storing technology is predicted by many to be the future of logistics and supply management, as it can ultimately create higher efficiency, leaner processes and greater transparency. A discussion and development that we at PNO follow closely and with great interest.
Supply chains have become increasingly complex as trading and manufacturing have globalised during the last decades. A chain can span over hundreds of stages, multiple transporters and manufacturers, and a large amount of payments. Technology startups as Viant (https://viant.io/) and established market leaders such as Mærsk and DHL believe that blockchain technology, and its ability to record, store, and share every transaction of any kind, will ultimately solve the logistic puzzle and revolutionize the industry. For the involved companies, it will lead to lower costs, better quality control and simpler processes. An example, Walmart uses the technology to keep track of its pork meat from China, so they can store info on production, transport conditions, storage locations and sell-by-dates. All data is accessible for everybody, which create transparency for the involved stakeholders, including the end-customer. The solution removes manuel paperwork from the entire process, which increases efficiency and lowers costs.
The technology is still in an early stage and because of its close connection to the controversial Bitcoin, labels as “hype” and “trend” are part of its public image. But with major actors like Mærsk, Nestle and Walmart investing in the technology, it is now becoming a solution that people and companies take seriously.
At PNO continuously looks for new ways to simplify process and to create value for our customers, we follow the development closely and ask ourselves: how can this benefit our business and our customers’ business?
If you are interested in understanding how blockchain technology actually works, IBM has made a simple and informative video:
