Blockchain will impact the Transportation & Logistics industry much like the Internet did
Although shipment costs have reduced over the past couple decades due to an increase in shipping volume, a direct result of global communications (the Internet), global economies anticipate Blockchain to have a much greater impact on price efficiency.
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Transportation & Logistics Blockchain Use Cases
Cost Efficient & Secured Bill of Lading Transfer
The Bill of Lading (BL), a document which represents ownership of a shipment, is the only document in the supply & logistics transportation chain that offers and represents trust. In reality, the entire supply chain (exchange and transport of commodities) exists to profit through the successful exchange or transfer of the BL. In the event that there was no trust in the successful exchange of a BL due to a lack of security or unreliable chain participants, globalization and the movement of commodities would be affected. As a result there is a premium that society, the free market, pays to ensure trust. Blockchain technology offers businesses the ability to transfer this value in digitally secure, automated and trustless manner while reducing today’s associated costs by as much as 85%.
Detention Charge Resolution
Time is money. Detention Charges are likely some of the most disputed charges when examining Inland Transportation & Logistics (Line Haul). It is a known fact that these financial disputes affect businesses that seek financial reimbursement for dock delays which in turn affect their truckers pay and heavily regulated duty hours. Eliminating the need to spend time negotiating contracts, hiring representatives to settle disputes, putting pressure on account managers, ensuring proper end of month reconciliation, managing files and associated correspondence is now being automated in real time through Smart Contracts. Business participants that share or have access to the immutable data on the Blockchain offers a degree of trust at a reduced cost our economies are just beginning to recognize. Blockchain is here to drive efficiency, no pun intended.
Reduce Communication & Document Handling
Any employee or student who participates in any part of the supply chain, no matter the commodity, understands the amount of communication and documentation involved in the movement of goods. Studies have shown that on average there are roughly 200 points of communication with various business participants between the origin and destination for a single shipment. Duplicate documents, revisions, permissions, phone calls, emails, time zone differences and timely discovery of information all play a critical role in avoiding penalty which ultimately affects shipment costs. Blockchain offers businesses a new way to transfer value in a secure, transparent, permissioned, and immutable fashion. The resulting predefined and trusted automated business processes, which we refer to as Smart Contracts, offers new forms of business collaboration as a result of trust and accountability, eliminates the need to create and maintain duplicate records, automates transactions reducing communication, and ensuring information is transferred to the appropriate parties on time.
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Envision Blockchain Solutions builds applications for the Web3 space. Our mission is to reshape and align today's systems allowing organizations to recognize the new value in tomorrow's Industry Vertical Solutions. The management team has years of Fortune 500 experience and has built a team of subject matter experts in Web3 and Business Transformation Processes. We focus on guiding organizations through 3 major milestones on their Web3 journey: Use Case Analysis, Proof of Concept Development, and Scaled Deployments.
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