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Overview of the Logistics industry và Blockchain technology
Logistics contains activities related to the provision of services, activities related to transportation, forwarding, warehousing, customs procedures, import and export, delivery of goods through distribution channels... Logistics industry brings many positive effects not only to the economy of the country, but also create equal business opportunities for businesses of all economic sectors.
However, large companies in the logistics industry still depend on EDI or APIS to exchange secure authentication data, increasing the security of operations in the industry. These are the cause of a lot of confusion, with serious consequences in the supply chain when it is too dependent on these systems. Therefore, organizations in the logistics industry still face many obstacles such as errors as well as incorrect information when entering data, or problems with system linkage. At the same time, the management and control of delivery time and quality of goods have not been optimized.
To minimize risks and optimize the problems mentioned above, Blockchain technology can be the solution to help the Logistics industry operate more optimally. Blockchain is a decentralized database that stores information in interconnected blocks of information that expand over time. Blocks of information are linked with each other, with previous blocks called blockchains. This technology has been researched and tested in many industries, typically in the financial sector. In the field of Logistics, the application of Blockchain is also a great concern of major technology and logistics corporations in the world.
Benefits that Blockchain technology brings to the Logistics industry
In order to promote the optimization of activities in the Logistics industry with information stored and linked data in the future, the government currently has many supportive policies to allow businesses and the private sector to operate and provide services, products based on Blockchain. Typically as:
1. Blockchain for easy data authentication
In the future, with the help of Blockchain, the entire network of data providers will be organized more clearly. Blockchain-based data helps improve data transparency, making product traceability easier instead of relying too much on EDI or APIS. The authenticity and legitimacy of the product cannot be changed in the Blockchain system without the permission of the relevant parties such as manufacturers, distributors, and sellers to verify the supply flow.
2. Blockchain kết hợp với AI và IoT để giám sát sức chứa vận chuyển
Combined with IoT and AI, Blockchain will greatly increase efficiency, and become useful in monitoring shipping capacity. Specifically, IoT sensors installed in means of transport help transport units determine the occupied space of shipments, thereby determining the appropriate means of transport and the appropriate price. Blockchain technology helps maintain the integrity of valuable products in transit, and securely records all data during the entire transit. These information data are instantly transmitted to the Blockchain system to help stakeholders track and monitor safely and accurately the transport capacity.
An example of this is Skycell, a high-tech company based in Switzerland. Skycell creates technology to help monitor the capacity of air freight containers powered by Blockchain technology combined with IoT and AI, specially used for the biopharmaceutical industry. By attaching smart sensors to the boxes, Skycell can monitor the shipping capacity of the boxes and shipments. This technology is a solution to help partners in the logistics industry determine costs based on shipping capacity.
3. Blockchain keeps track of the vehicle's operation history
Not only helps to determine the cargo capacity of each means of transport, Blockchain is also applied to monitor the operation history of each vehicle. Based on the parameters and information stored on the Blockchain system, Blockchain technology can track and authenticate information about the performance and maintenance history of the vehicle. This helps businesses, especially shipping and logistics businesses, determine the standard level of vehicles to choose for transporting goods.
A practical example that blockchain technology can track the operation history of transportation vehicles is Vinchan. It is a global, decentralized database of vehicle information that is completely transparent, trusted and accessible. Certified vehicle information from national registries, insurance and rental companies, service companies, private registrars, APIs and other trusted members. The data is recorded directly from the vehicle on-board diagnostics (OBD), so the data and vehicle condition are updated in real time, ensuring that the information is not falsified, changed, or removed to create a transparent and reliable system.
4. Blockchain and IoT combine with V2V to operate vehicle-to-vehicle communication
Currently, there are many companies in the industry implementing V2V (Vehicle to Vehicle Communications) tools that help multiple vehicles communicate with each other like a team. Therefore, when Blockchain and IoT combine with V2V, that supporting data storage and communication links between vehicles will help streamline transportation operations on a global scale. For example, arranging the data of these conversations in a reasonable way can make them secure and transparent as well as safer transportation.
An example of this application is Peloton technology corporation (1), which has used Blockchain technology to help improve communication between vehicles (V2V). Due to the instant electronic connection, the fleet trucks perform braking or acceleration operations as a single unit, transporting as a safe, highly bonded unit. For example, in a fleet of vehicles on a transportation journey, when the driver in front applies the brakes or slows down, the following vehicles will automatically brake and reduce speed to maintain a safe, constant distance between the vehicles. This not only increases the driver's ability to coordinate or work as a group, but also avoids the risk of collisions when the vehicle brakes suddenly during travel.
5. Blockchain Smart Contract helps reduce costs, eliminate errors and intermediate procedures
The status of intermediaries in the transportation of goods, as well as administrative procedures such as tariffs and contract terms, is not new in the logistics industry. According to statistics, sellers in the logistics industry usually have to wait an average of 42 days to receive payment. Therefore, Blockchain when applied in the Logistics industry will bring many typical benefits such as automating transactions when smart contracts are encrypted via Blockchain. Blockchain helps buyers and sellers verify shipments and makes it possible for buyers to transfer payments automatically to sellers without third-party intervention. This also helps to reduce the intervention of intermediaries in the transaction execution process, and at the same time, cuts costs and shortens transaction completion time. With Blockchain application, the liquidity becomes smoother and faster as it takes only 1-2 days (2).
Sweetbridge is an example of Blockchain application, a technology that provides continuous assurance of data, supports standardization, automates the verification and validation of all activities in the value chain in real time.
Large enterprises with complex value chains such as financial institutions with millions of customers, or government organizations that want to improve the rules and regulations… can use Sweetbridge to handle fraud errors and enhance operational efficiency as well as reduce costs.
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