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How Blockchain Technology Can Save the Logistics Industry

The permanence, transparency and absence of intermediaries are some of the most cherished attributes of the blockade, because of which there are many breakthroughs in different sectors.

The ability to track processes, products and services in extended communication chains is a development that has become very important for the social and commercial aspects of human existence. As international trade and Logistics expand, innovative methods are developed to effectively provide services, but some restrictions still exist, which makes it just necessary.

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Getting rid of human intervention

Netcoins CEO Michael Vogel said that the main constraint of any logistics system is the human factor. According to Vogel, whether data entry, audit, typos or miscalculations, all processes that involve human intervention introduce the possibility of delays or errors. VISA Europe is studying the idea of ​​using Bitcoin technology and blocking for domestic financing.

“Blockchain is an ideal tool for logistics, because it brings the traditional database to a new level, which is ideal for auditing and is immune to counterfeiting ,”.

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He also noted that the consideration of accounting as part of logistics, the dawn of the blockbuster created an opportunity for the concept of “triple accounting”, the idea in which a ledger-based book is kept together with all financial reports. This allows for an instant audit, in contrast to the traditional practice of quarterly reviews.

“Once Blockchain networks begin to take their first steps at the mass market level, they will allow us to save at least 50 billion US dollars a year. And at a mature age, Blockchain could save around 500 billion US dollars a year in the Logistics Industry, along with other benefits , “.

A higher level of security

The monarch explains that the devices connected to the network need a higher level of security. Blockchain Technology is an unmatched solution in this respect, as it provides better protection through distributed books, enhanced encryption, smart contracts and shortened intermediaries. As a result, it will help to fight corruption, extortion, theft and tracing.

According to Jeremy Epstein, CEO of Never Stop Marketing, one of the biggest problems in supply chains is redundant systems that are not communicated with each other. This, he said, adds huge costs in terms of the supply chain. Epstein notes that different organizations, be it governments or suppliers, spend a lot of time checking what is in the supplies. And all this increases the cost for the customer.

“Blockchain technology allows us to remove a large number of unnecessary steps, thereby ensuring better quality products at lower costs, ensuring that this delivery contains products that are clearly documented without the risk of falsification, which will reduce the cost of customs clearance and increase safety.”

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How Blockchain Technology Can Save the Logistics Industry


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