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In recent weeks, this series has explored the application of blockchain to a number of industries within which we expect technology to be used to simplify complex processes in the near future.
No sector is more suited to its application than in the transport and logistics sectors. Traditionally dependent on cumbersome paper processes, forward-looking players in this space are interested in taking advantage of the latest innovative technologies and abandoning industry standards. Technology has the potential to radically change the way we transport and store products and people.
Under the newly promulgated Technology Services and Innovation Act, these stakeholders have the opportunity to legitimize and apply for certification under the Malta Digital Innovation Authority for their blockchain platforms. The certification aims to strengthen consumer confidence and increase efficiency along logistic paths that can benefit from blockchain technology in many aspects, from registration and finance of ships and aircraft, to the improvement of traditional supply chains which are generally burdened by the need for physical documentation.
A paperless system that uses blockchain reduces costs, delays and the potential for fraud created due to the excessive exchange of information between numerous parties. By entering information about the supply chain in a ledger, the information is visible to authorized parties, allowing real-time updates and an unprecedented level of transparency and immutability. End users will be able to view a complete record of the journey of goods through a supply chain from the origin to the destination, as well as to monitor transit conditions, such as temperature and humidity level in the container.
This piece is part of the weekly series "Beyond Blockchain" by Camilleri Preziosi, in which the members of the company's Blockchain and Fintech teams trace the way in which the landscape has evolved from the series "Unraveling Blockchain" published at the beginning of this quest. # 39; year. For more information, contact us on [email protected].
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