Freight Forwarder: “Do I Need Blockchain”

I am sure that each and every one of you has been bombarded with information, mostly abstract, about Blockchain and specifically Bitcoin.

But how much do you actually know about Blockchain?

How is this new type of technological improvement capable of shaping the international freight forwarding industry?

In this article, we will try to gain a better understanding of the definitions of Blockchain and Bitcoin, while learning together how this technology can change the landscape of supply chain.

To begin with, Bitcoin is a method of making transactions but with no central monetary authority meaning that, unlike traditional banks, Bitcoin does not rely on a certain entity to monitor, approve and manage these transactions. In other words, Bitcoin is the exchange of cryptocurrencies in a peer-to-peer computer environment with anonymous users.

 How Blockchain Works

In the blockchain, every participant is called a node and every node can receive and publish transactions to other nodes, with all the data being recorded and synchronised across the network. A permissioned network means that the entities are entitled to see only the transactions for which they have authorization. To demonstrate an example in the supply chain, nodes can be the manufacturer, the supplier, the buyer, the airline, the logistics company etc. These nodes complete transactions with each other but not all nodes have to have access to all the transactions. They can see when a transaction is made but that includes no other information. Thus, the supplier can be authorised to view only the transaction between him and the manufacturer without knowing the exact amount of the other transactions among the other participants.

Further, the majority of participants must validate the transaction. A Proof of Stake provides the nodes with a certain percentage of the network’s total value, enabling them to validate the transaction. The Practical Byzantine Fault Tolerance (PBFT) is an algorithm used to solve disputes among the nodes. Finally, a smart contract holds a set of rules that govern the financial transaction and it is automatically executed during the transaction.

 Blockchain, can help you to achieve not only efficiency for your company, but also better communication with the other participants in the supply chain. This, will lead to enhanced trust between you and the other members of this partnership.

We, at Haulystic Innovations, care about the future of your business and that is why we always provide you with up to date information and tailored logistic solutions for air freight, sea freight, ground freight, warehouse, customs in specific business flows such as e-commerce, pharmaceuticals, cross borders, commercial freight forwarding and postal supply chain.

Let’s proceed together into the future!

Start by booking your shipments online!

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