Though Blockchain might seem to be identical to cryptocurrency, both the terms differ significantly. In fact, cryptocurrency is often considered to be powered by Blockchain with the use of digital ledgers which are especially know for tracking some vital assets including but not limited to groceries, funds, and vehicles, registering them sequentially, and allocating them democratically.
In simple terms, it adds detail to your conventional spreadsheet, modifying them into the simple yet elaborated form of digital ledger. Now this precise ledger when utilized in transportation system management, leads to the creation of efficient opportunities in supply chains. As the efficiency of Blockchain is increasing by leaps and bounds with the support of some specialized software such as IBM, people are witnessing a considerable supply chain to switch to Blockchain and transportation management system.
Table of Contents
- Shippers to Still Combat High-Cost and Delay issues in Transportation Management
- How Blockchain & Transportation Management offers excellent Clients’ Experience?
- Blockchain technology to Boost the Transportation Management System
- It offers great accountability together with transportation management contractors, system, and management
- It eliminates the requirement of an additional staff member to back transportation system
- Carriers could avail a whole lot of details about demand which turns to forecast more precise
- It alleviates HOS violation and support fleet maintenance
Shippers to Still Combat High-Cost and Delay issues in Transportation Management
In today’s era when technology is on the rise, the IoT (Internet of Things) which is especially popular for its amazing advantages in supporting the automated decision-making system, has now united with Blockchain impeccably. However, it still needs a system for proper communication.
Whilst Internet of Things feature machine-to-machine interaction, it is very obvious to say that the system still needs a medium of reading and relating data that is the major cause behind higher-cost and a lot of delays in the current transportation system. Furthermore, there have also been a plenty of system accuracy-related issues observed in the IoT-supporting platforms. As there isn’t any appropriate method of verifying the accuracy, the current machine-to-machine communication technology doesn’t work, resulting inthe loss of opportunities. Here the Blockchain has proven to be an effective solution supporting better communication and overall transportation system. Let’s learn more about it:
How Blockchain & Transportation Management offers excellent Clients’ Experience?
Do you know that outlook of Blockchain and transportation management has a major impact on almost every single factor of a logistics business? yes, you read it right! In order to offer accurate catalog data, precise shipment information, and assure information accuracy, Blockchain technology functions in concurrence with the Internet of Things based approaches. These top-class contracts powered by Blockchain technology are especially renowned for facilitating the proper implementation of rules and improving the quality of communication between two machines as well as individuals. Now, this might appear as if there exist numerous benefits to the entities opting for Blockchain and Transportation system but these pros merge to offer the users with a single yet core advantage i.e. amazing customer experience.
So are you wondering how exactly does the Blockchain technology influence the current transportation management system? Here we’ve listed some major benefits of implementing Blockchain into the transportation system. Let’s have a look:
Blockchain technology to Boost the Transportation Management System
When it comes to enhancing transportation management, Blockchain is considered to be the premium technology all because of its array of benefits. But since it is a new technology (though it’s not a rocket science), it becomes quite tricky to comprehend how a precise digital ledger could affect your supply chain. Below listed are some top benefits of implementing Blockchain technology into your transportation management system:
It offers great accountability together with transportation management contractors, system, and management
As per the standard calculation, there can be up to (or even more than) 8.8% of the difference between proper shipment invoicing and inaccurate invoice data. However, it is often found that industries tend to experience as high as 10% error rates. Now, this level of inconsistencies could even lead to the loss of thousands of dollars in paying off invalid charges (the amount of loss would further depend upon the total volume of goods shipped).
It eliminates the requirement of an additional staff member to back transportation system
One of the major aspects of having efficient transportation management system is about lowering the internal expenditure where proper shipping invoice could save around $10 per each invoice. Fortunately, Blockchain technology is capable enough to mechanize this entire procedure.
Carriers could avail a whole lot of details about demand which turns to forecast more precise
The better your transportation forecast is, the higher the probability of the same to transform into effective load planning, better utilization of freight consolidation opportunities, and of course, analysis of the budget-friendly medium of transportation.
It alleviates HOS violation and support fleet maintenance
Where ELD mandate is causing a plethora of carriage as well as shipping issues, HOS violation is leading to the loss of thousands of dollars. And, to the worse, who knows if your driver sticks to these regulations and follow them consistently? Blockchain aid the managers to ascertain if the drivers are adhering to the rules.
This way the Blockchain technology provided by some reputable agencies like helps you to carve out modular, reliable, as well as accurate invoicing and support a better transportation system.