Pulling the curtain back on blockchain in logistics
ShipChain: "We want to make shipping and logistics more effective, transparent, and secure, all on the blockchain"
The following is the viewpoint of ShipChain, a blockchain solutions provider for the shipping and logistics industry.
All of our lives revolve around freight and logistics in some way--it is the single largest industry on the planet and is projected to be valued at over $15 trillion within the next few years. But as it currently stands, it is plagued with inefficiencies and bottlenecks. This, in turn, can lead to delayed shipments, increased freight spend, and so on. Essentially, money and resources are being wasted and customers and businesses are the ones suffering most.
We at ShipChain are here to fix those issues and then some. Our mission is simple: we want to make shipping and logistics more effective, transparent, and secure, all on the blockchain. So, what is blockchain exactly? In simplest terms, blockchain is an incorruptible digital ledger where all information is stored chronologically in different “blocks”. Anything stored in the blockchain is visible to all parties and cannot be changed without having to create a new block.
Blockchain is an incorruptible digital ledger where all information is stored chronologically in different “blocks”
Additionally, the decentralized nature of the technology means that everyone in the blockchain can view its details and validate information, giving everyone a sense of public ownership. Although blockchain initially gained popularity through its use for crypto currency, i.e. Bitcoin, it has the potential to create huge value in other industries as well. When it comes to freight and logistics, it is ideal for tracking assets which make it extremely helpful in transportation management.
When it comes down to it, carriers, shippers, freight forwarders, freight brokers, distributors, and resellers (yes, pretty much every single person in the supply chain) are all working toward the same goal: they want accurate and relevant information about their shipments. When problems arise, which they seemingly always do, gathering information is crucial. Blockchain offers a potential solution to ensure that visibility is retained at every step in the supply chain, which is huge in today’s day and age.
Blockchain offers a potential solution to ensure that visibility is retained at every step in the supply chain, which is huge in today’s day and age
People often fear what they do not understand, and so we at ShipChain are here to set the record straight on why blockchain is important to the industry and what it could mean for you and your business. Our team has been busy traveling the globe and speaking at various conferences to raise awareness about our mission, and we are incredibly honored and excited to be speaking at the Logistics CIO Forum in Austin.
On the backend, development is going well and we are excited about the progress we have made. Our four main smart contracts are currently live on the Ethereum blockchain, including LOAD, MARKETPLACE, PROFILE, and REVIEW. This means all underlying functionality is live and now we can shift our attention to making everything more user-friendly. That means working on the web platform to facilitate easy booking and shipping, the mobile app, and the unique Transmission API that will allow anyone with REST API experience to build on top of ShipChain. Additionally, our tech team continues to work closely with our Pilot Partners to ensure that we are able to iron out any kinks and perfect our work before we go public.We are very proud of our platform and are excited to share it with you all in the upcoming months. If you wish to receive updates from us, you can sign up on our website. You can also follow us onTwitter@ShipChain, Instagram @Ship.chain, and Facebook for news and information.