The shipping industry is getting more and more complex, especially in today’s globalized world. Blockchain logistics can help us overcome many modern-day shipping challenges through the use of data synchronization.
Global trade currently has many challenges including security, complexity, and lack of transparency between the parties. The power given to a single key holder can cause security problems regarding the accuracy of information and data privacy. Manual audits are complex and time-consuming, not to mention the varying customs regulation from country to country. The waiting period between payment and shipment can also lead to trust issues between buyers and sellers.A single innovation will solve all of these issues: blockchain notarization. It can increase interoperability, security, traceability and drastically reduce costs. With multiple key holders instead of one, the network can no longer be entirely compromised; smart contracts and notarization at each step of the process make paper audits obsolete. The main benefit of decentralization is that everyone involved in the ‘chain’ has an accurate and certified copy of all previous transactions. The transactions cannot be altered or manipulated. As a result, there is an increase in trust among the parties.
The following steps illustrate how shipping with blockchain logistics and data synchronization works:
- When a container is loaded, the information is digitally notarized in a blockchain.
- Regulatory authorities review the proofs of the supply chain process.
- When the container is shipped, operators notarize it in the blockchain with their unique key.
- The container is received in a warehouse where each item is notarized thanks to a digital tag.
Data synchronization also allows for accurate freight tracking and traceability. You can ensure exactly where the goods came from, who has handled them and where they are heading. Blockchain notarization ensures more transparency, more security, and more simplicity.
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