All indications are that logistics (in particular the supply chain) fit perfectly with this technology. Why is this so? After reading the article below, it will become clear to you.
How does blockchain software development work?
Blockchain technology comes from the virtual cryptocurrency Bitcoin. In 2008, Satoshi Nakamoto (his real name is still unknown) raised the fundamental issue of data security and how it is encrypted in a distributed database called blockchain. The discovery was that anonymous users could make online payments among themselves without using a central server (i.e. a bank). The essence of the solution is that the history of transactions will not be stored on one server, but in the memory of individual computers connected to the network (in network nodes).
What do companies in Kiev and Odessa need to implement blockchain services?
Blockchain technology not only opens up new possibilities for secure data storage, but can also completely replace previous business models. Therefore, the question should not be whether blockchain technology should be used, but how quickly it should be implemented. Small and medium enterprises already have many opportunities to take advantage of blockchain technology. However, in most cases it also depends on the industry. As seen in previous examples, a logistics company could, for example, join a trading platform and take advantage of secure tracking and monitoring or smart contracts in logistics. This allows for greater transparency and security in your own supply chain. Food companies can use blockchain to validate the quality and origin of their food. The list of blockchain services or new applications is growing almost day by day.
Why is blockchain especially useful in logistics?
The conditions and nature of problems in logistics – especially in the supply chain or supply chain – are similar to those in finance and the cryptocurrency industry. As part of the logistics process, a large amount of data is exchanged, this data must be accessible to everyone and at the same time secure. There are many problems to be solved, for example, the problem of controlling the origin of goods and elements (ingredients) of these products, the problem of counterfeit branded products, etc.
Why will blockchain revolutionize logistics?
According to M. Henke, “the blockchain is the last link in the implementation of the concept of Industry 4.0 or the Internet of Things, where everything should function autonomously, including financial flows. Such financial flows require autonomous contracts, the so-called smart contracts, stored in a distributed database (blockchain). ” M. Henke continues: “Over time, customers will only buy products that have been produced in a completely transparent manner. This customer request will drive development and no one else will ask if the company needs blockchain technology or not. The flow of materials, information and financial resources require the use of blockchain technology. ” Due to the complexity of the problems posed by the Internet, centrally managed systems will be useless – a decentralized blockchain technology will be required.
What are the benefits of blockchain technology and applications in the supply chain?
When goods are transported by sea, suppliers, recipients, carriers, authorities and financiers must be kept informed. This is what makes blockchain technology strong. It functions like a large decentralized accounting system. One example is the cooperation of a shipowner with ITizzi IT company within the framework of a blockchain project. The companies hope to partially automate global maritime trade, which will save money and time. The advantage is the ability to track general shipping data, permits, shipping documents, and even container sensor data such as temperature and weight in real time. Blockchain is designed to prevent manipulation and therefore smuggling. By eliminating the need for paperwork and speeding up the verification of shipping and loading data, companies can save a lot of money. Today, nearly a fifth of the total cost of world trade is covered by administration and documentation. The shipping sector has been hit hard by declining freight rates in recent years. Another area of application is tracking and monitoring complex supply chains, for example in the pharmaceutical or food industry. Thanks to the sensors in the containers, it is possible to check in real time whether the cold chain has remained uninterrupted and therefore whether the load or part of it can be used. With real-time certificates based on blockchain technology, the manufacturer can also verify where the raw materials come from, and thus prevent counterfeiting in a timely manner.
Were we able to convince you?
You can order a blockchain development service in Lviv, Vinnytsia, Dnipro for your company by contacting us. We look forward to receiving your inquiry.
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