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Gear up the Logistics and supply chain with blockchain technology
What is the current situation of the supply chain?
Blockchain technology has already been a change-maker in many industries. Logistics and supply chain is one sector that has seen its impact.
Cross-country shipment can be a daunting task for many companies. How to sort out freight forwarders, logistic providers, port authorities, customs agents, brokers, banks can be tedious and erroneous. Before the pandemic, companies already spent in total $ 1.5 trillion dollars on shipping cost, and a significant amount has been spent by contractors, dealers, agents on smoothing out the whole process. How to increase the visibility of the whole supply chain, is a million-dollar question.
Yet the world has not yet offered a lean and neat solution to just move a product from one place to another. Even flagship companies sometimes catch the media’s eyes when complaining about the shipment. Elon Musk has made remarks on the delivery logistics hell back in 2018. It is not easy for any company to smooth out the whole process without paying fees to major agents, brokers, and service providers within the market.
How can Blockchain technology be incorporated into the supply chain?
Blockchain technology may offer a solution here. A leading electronics contract manufacturer listed in Nasdaq has used blockchain technology to smooth out the problem and ensure critical delivery. As a major electronics manufacturing service provider, the company has a deep network around the globe. It helps IBM, Apple, Microsoft, and Google to manufacture their flagship products.
It is not easy to manage so many stakeholders with the current system, especially within electronics production. Especially in the electronics industry. Electronics production is a business where accurate, timely, and smooth delivery is key for the lab-to-market journey. In this fast-paced environment, how to navigate through the global chain and ensure delivery is on the minds of its management for a long time.
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