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Will Blockchain Technology Make Logistics the Best Ever?

Christen Martines | November 23, 2022

Entrepreneur, November 11 2022,

Logistics is not a new industry: transportation, storage and delivery of goods has been a mainstay of civilization since ancient times. Of course, the modes of logistics have evolved with time and the advancement of technology. In the past decade, the demand for logistics has skyrocketed globally thanks to the rise of e-commerce and the pandemic has accelerated its adoption further. Throughout the months of lockdown, consumers became accustomed to essentials being delivered right to their doorstep, within hours of placing an order.

However, world-over, the most common delivery challenges can be boiled down to the lack of two factors: technology and transparency. Logistics companies are adopting novel technological innovations in their last-mile logistics, as more than 56 per cent of customers today insist on having full visibility on their orders.

Supply chain experts are now brainstorming novel ways to incorporate the best of modern technology with logistics, and further optimize the thriving industry. Moreover, the complexities in the supply chain are increasing with more and more stakeholders coming into the scene, directly or indirectly. Technology such as artificial intelligence (AI) is already helping to improve speed and efficiency. Meanwhile, blockchain has been deemed as a viable solution for more transparency and visibility in logistics. In fact, blockchain can even complement AI in paving a new direction for logistics in certain use cases, such as the tea/coffee supply chain.

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