Blockchain Technology is a mode of technology that records occurrences in chains of events.
It enables for back and forth tracing of events in a chain of command. It is a paperless venture which improves data processing and recording.
It stores information about the following processes;
• Contracts
• Transactions
• Shipper and Carrier agreements
What does it entail?
Recording as a part of Blockchain ensures seamless addition of data to the database without leaving anything out.
It provides for privacy and control of the information therein.
It means that only a few authorized staff can view sensitive information regarding packaging, dispatch, transportation, and delivery of goods. Changes and decisions are made unanimously with every party involved.
It improves on integrity, accuracy, and transparency in third party logistics. Processing also takes a specified approach.
The current manual electronic data interchange has been in use since 1947. Many 3PL companies are still using it for shipping, transport, and documenting of data.
Regardless, there are a few who have embraced the blockchain technology for its ease of use and Cybersecurity that it entails.
3PL and Blockchain
As technology evolves, there arises new experiences and advancements that are useful in business. Blockchain started in bitcoin, but it fast-paced towards other companies as well.
The third-party logistics industry could benefit from this kind of technology. Manipulation of data without authorization is easy to manage.
This is because every action leaves a digital footprint for adequate follow-up.
Its paperless documentation makes it easy to store multiple types of documents in a database that is specifically designed for you.
It should be noted that this system is safe for use and hacker-proof. Your information is well arranged and safe.
List of Sources
https://www.supplychain247.com/article/why_blockchain_is_a_game_changer_for_the_supply_chain
https://go-freight.io/blockchain-technology
https://risnews.com/supply-chain-blockchain-how-it-will-change-3pl-industry
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