In May 2017, Deloitte tweeted that 10% of global GDP would be built on top of blockchain applications. This huge and ambitious claim was made because of the transformative nature of the technology and the effect it will have on society. For logistics and transportation, it will have a bigger impact promising to shake up the $8T industry.
What is blockchain?
To put it simply, a blockchain is like a database, it’s a way of storing records of value and transactions. However, calling blockchain a new type of database is like saying email is a new way of sending people letters. While the blockchain is a database, that definition doesn’t explain the true genius behind how the blockchain stores records of value and transactions.
We continue our coverage of the technology and the impact on the freight markets and society as a whole.
To help the education process, we have prepared a blockchain glossary.
Fleet Complete Chief Strategy Officer Sandeep Kar will participate in two panels next week as part of the Connected Fleets USA 2017 Conference.
With the introduction of smart insurance contracts in transportation applications, companies in the freight business could emulate a similar offering to solve some of the major disruption risks involved in carrier service failures.
The new Defense Department budget includes funds set aside to study blockchain and the impact of the technology in the hands of either the good guys or bad. This could be a good thing for the US logistics industry, as some of the research will probably make into the private sector.
Anyone that has ever bought a house or vehicle knows how much of a pain it is and that is assuming you have a clean title. If not, all bets are off. With blockchain, the transfer of assets could be instant and without the risks normally involved in buying and selling.
Bitcoin has been on a wild-ride and some people think the future is zero. This will be a good thing for commercial blockchain applications.
TMW Systems sees enormous potential with blockchain technology, but notes that successful implementation requires a “strong partnership with a technology provider that understands its intricacies and potential applications.”
In recent years, players in the transportation industry have embraced technology and this has greatly helped in solving the many challenges associated with manual operations, and the future is even brighter in the years to come.
As blockchain transactions begin to take hold in the general economy and the supply chain in particular, there is a growing question of how to speed financial transactions. According to Coin Telegraph, the answer may be tokens.
Blockchain has taken center stage in 2017, and we are only at the beginning. But before everyone declares blockchain the solution to all the world’s problems, two authors note that there needs to be standards and governance to make it work.
There are certain practices in trucking that are not above board and cause a lot of strain on the companies in the space. Will the implementation of blockchain smart contracts, these practices could be ended, ushering in transparency and fairness for all involved.
In the future, blockchain infrastructure will help mitigate the effect and scope of cyberattacks through its two fundamental characteristics: decentralization and cryptography so events such as last week's Equifax breach don't happen.
Blockchain has become the latest buzzword to enter industry lexicon. While many still may not know what it is, it is likely to be a technology that transforms trucking and the way it operates. Fleet Complete is one of the companies that has recognized its potential.
Blockchain is the perfect way to store maintence records, providing fleets with a complete record on everything that has happened to the vehicle from the time that it rolled off the factory floor to the time it is sold off.
FEMA disaster relief logistics highlights the need for blockchain implementation. Blockchain is an emerging technology that promises to bring transparency and visibility to transactions.
Blockchain is expected to be a massive part of the economy in the near future- but what exactly is blockchain and why should I care? FreightWaves takes a look at this emerging technology.
Blockchain is predicted to radically change the financial services sector. Deloitte Tweeted that 10% of global GDP will be stored in blockchain. For companies like Deloitte, staying ahead of the curve in blockchain technology is paramount. But what about for logistics companies?
It seems as though all new platforms these days feature two common denominators - create transparency and streamline processes. Many of them are now being developed with blockchain.
Singapore might be world’s smartest city. When you think of tech, you reflexively picture Silicon Valley. While Palo Alto may reign in the west, a tiny island nation of 5.6 million leads the east… and it’s turning to blockchain.
PS Logistics, LLC, a leading national transportation and logistics company, announced today that it joined the Blockchain in Trucking Alliance (BiTA) as a charter member.
IBM has announced 10 companies that will begin running trials of its blockchain-enabled technologies, including major food supplier Nestle SA, according to Reuters.
Fleet Complete is the latest company to join the Blockchain in Trucking Alliance (BiTA) as a service charter member. BiTA is a consortium for the adoption, education and development of a standard framework around blockchain in the trucking industry.
Talk about disruptive companies. Every startup in the transportation space these days is touting itself as a disruptive company. A few will become just that. Many, if not most, will not. But few are also introducing a technology, let alone a service, that is disruptive.
Blockchain entrepreneurs have an opportunity. The logistics industry is ripe for disruption and blockchain technology is ready to take the lead.
McLeod Software has joined the Blockchain in Trucking Alliance (BiTA), a new organization focused on the promotion and educational efforts to utilizing blockchain technology in the transportation ecosystem.
An industry that has a reputation of being behind the curve on technology may be at the forefront of one of the most important technological developments in decades. Yes, the trucking industry is poised to lead the blockchain way, and BiTA plans to help it get there.
The I-95 Corridor Coalition is moving forward with research that will help it determine whether a mileage use tax is the right approach to taxing in Pennsylvania and Delaware, according to NBC 10 Philadelphia.
Picture a 40-foot container traveling from Mainland China to a suburb of Los Angeles. It often experiences more complications between the Port of LA and final destination than it does during its international trip. Is blockchain the solution to these problems?
One of the great vulnerabilities in any nation is the food supply. The movement of food is dependent on many entities ensuring compliance with regulations, proper temperature control, proper handling and cleaning and more, including security. That is where blockchain technology holds great promise.
There is a new option that companies are flocking to quickly raise capital: an ICO – initial coin offering. But there are inherent risks in doing so, and they may be too great to overcome for transportation firms.
Blockchain is a technology that is rapidly growing in many industries, and its potential to disrupt traditional work flows in transportation is large. This graphic illustrates some of the potential areas where blockchain can be used to improve operations.