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According to a recent survey on Forbes Insights of over 400 senior managers focused on transport, 65% believe in logistics, in the supply chain and transport sector is experiencing to say the least a tectonic change, although there are many factors behind this change ( https://www.forbes.com/sites/insights-penske/2018/09/04/the -4-forces-transforming-logistics-supply-chain-and-transport-today / ), one of the most powerful is the advancement of behind-the-scenes technologies like artificial intelligence (AI), machine learning (ML ) and more and more blockchain.
It is worth focusing on specific challenges and applications, therefore, based on these lines, we have a number of task forces. iStock
Here to present an insider's gaze on The potentially transformative influence of the blockchain is Craig Fuller, who is administered he was the CEO of The Blockchain in Transport Alliance (BiTA) and CEO of F reightWaves, a long-standing industrial publisher.
To provide our readers with a context, what is Blockchain in Transport Alliance (BiTA)?
We are an industrial association that focuses on the use of the blockchain to increase the efficiency of the whole transport, logistics and supply chain.
What is the role of blockchain in transport?
Blockchain is an ideal technology for the transport sector and one we believe – it really insists – will turn out to be transformational in its impact. Basically, it is a technology that allows people / companies who often do not know each other or trust one another to engage in commerce.
Think of any shipment: from point A to point B, you have more parts that touch transportation and need to see what they need to see. Yet there are thousands of shippers and carriers – land, sea, railway and air – as well as shippers / shippers, 3PLs, insurers, customs agents and customers of all kinds. So there are many participants who often know little about one another, yet they have business to conduct, ranging from small, low-value shipments to larger, or very large, and high-value shipments. But there is no standardization. There is no way to share data trustfully through this network of participants.
What the blockchain basically introduces is greater confidence in the ecosystem. With blockchain, participants have everything they need to know about their shipments and transactions in one place, and they know that information is reliable due to the security of distributed books. In terms of the challenges and needs of the transport industry, blockchain can become a tool for transformation.
Can you outline some cases of use?
There are so many that it's hard to know where to start. Perhaps one of the simplest and clearest is the way in which the blockchain can be used to introduce greater visibility through the value chain. There are all types of technologies, such as RFID or IoT / telematics, which can acquire similar positions, conditions and data. But today much of this data is isolated in silos. With blockchain, we can create a platform where all participants can get more insight – instant tracking of any shipment up to the SKU level.
So, with blockchain, one creates an uninterrupted provenance. Some call it "bread-breading", but what it means is that you will be able to see all the steps that took place, or even the condition of the goods at any time, and where they were stored or transported during the period. And if I know all those who have touched the expedition, I have the feeling that it has been tampered with or that part of it has been changed. I also know about quality control; for example, if the goods have been kept at the right temperature, which is vital for many food products.
Another important example is the payment. With blockchain, you can incorporate smart contracts. These are essentially routines that automate payments based on what happens with shipping. Therefore, the parties accept the contract and incorporate the terms inside the blockchain and when the conditions are met, for example a courier leaves a shipment in a particular warehouse (both parties have evidence [of specific performance] and the smart contract starts payment automatically. [19659007] Think about it: Transport is a huge segment of the global economy – 12% of cash flows – and there are so many parties involved: shippers, carriers, customs and companies supplying fuel for trucks, planes, trains, etc., many transactions associated with any shipment.Now you have to wait 60 to 90 days for payment on each individual segment of each participant involved.What happens if, instead, we use blockchain and smart contracts to accelerate payments? This introduces trust and automation, speeding up verification and eliminating enormous resistance, there are so many payments in the global economy. bale.
Where are we in developing and implementing these capabilities?
Let me first of all point out that this is not a new task. We are going through an incredibly fragmented landscape in which very few standards are applied. Yet implementing blockchain significantly requires a very high degree of standardization among all the parties involved in these transport processes. So, when we develop commercial standards for any application we would like to see, progress will be slow.
But one of our missions is education, and in this sense we have come a long way. Two years ago, I could have gone to a conference and been in a room of 100 people where maybe only one or two were well informed about the blockchain. Today, in the same room, there could be 10 enthusiastic people and more a third that can express use cases. And the figures are growing exponentially.
So, where are we: Now we are well ahead in our efforts to involve the various participants to build a solid foundation; lay the foundations. So we are now in a position where people will be able to see real benefits. We are on the edge of some important discoveries that will prove, I believe, transformative.
What else do you see at the horizon?
It is worth focusing on specific challenges and applications, so in this way, we have a number of task forces. For example, there is a discussion about insurance and the desire to speed up the verification of the loss. Furthermore, when insurers do not know much about the carrier or when they can not accurately verify the origin, this increases the cost of insurance and the blockchain can help to solve it.
We are also looking at applications that could allow pay-as-you-go instead of outright purchase. So telematics would link to blockchain registers, allowing users to pay on a per mile basis. And if that were not enough, we are also evaluating the development of a transport futures market, a means to create greater certainty in shipping costs. We have a lot going on and we see great potential.
For more information, read " Logistics, Supply Chain, and Transport 2023: Change at dizzying speed ."
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According to a recent Forbes Insights survey of over 400 senior transport-centric executives, 65% believe that the logistics, supply chain and transportation sector is experiencing a tectonic change, even if there are there are several factors behind this change (https: //www.forbes.com/sites/insights-penske/2018/09/04/the-4-forces-transforming-logistics-supply-chain-and-transportation-today /), one of the most powerful is the progress of "behind the scenes" technologies such as artificial intelligence (AI), automatic learning (ML) and increasingly, the blockchain.
we need to focus on specific challenges and applications, so in this sense we have a number of task forces. iStock
Here to present the look of an insider on the potentially transformative influence The blockchain is Craig Fuller, managing director of The Blockchain in Transport Alliance (BiTA) e CEO of FreightWaves, a long-standing industrial publisher.
To provide our readers with a context, what is Blockchain in Transport Alliance (BiTA)?
We are an industrial association that focuses on the use of the blockchain to promote efficiency throughout transportation, logistics and supply chain.
What is the role of blockchain in transport?
Blockchain is an ideal technology for the transport sector and one we believe – it really insists – will turn out to be transformational in its impact. Basically, it is a technology that allows people / companies who often do not know each other or trust one another to engage in commerce.
Think of any shipment: from point A to point B, you have more parts that touch transportation and need to see what they need to see. Yet there are thousands of shippers and carriers – land, sea, railway and air – as well as shippers / shippers, 3PLs, insurers, customs agents and customers of all kinds. So there are many participants who often know little about one another, yet they have business to conduct, ranging from small, low-value shipments to larger, or very large, and high-value shipments. But there is no standardization. There is no way to share data trustfully through this network of participants.
What the blockchain basically introduces is greater confidence in the ecosystem. With blockchain, participants have everything they need to know about their shipments and transactions in one place, and they know that information is reliable due to the security of distributed books. In terms of the challenges and needs of the transport industry, blockchain can become a tool for transformation.
Can you outline some cases of use?
There are so many that it's hard to know where to start. Perhaps one of the simplest and clearest is the way in which the blockchain can be used to introduce greater visibility through the value chain. There are all types of technologies, such as RFID or IoT / telematics, which can acquire similar positions, conditions and data. But today much of this data is isolated in silos. With blockchain, we can create a platform where all participants can get more insight – instant tracking of any shipment up to the SKU level.
So, with blockchain, one creates an uninterrupted provenance. Some call it "bread-breading", but what it means is that you will be able to see all the steps that took place, or even the condition of the goods at any time, and where they were stored or transported during the period. And if I know all those who have touched the expedition, I have the feeling that it has been tampered with or that part of it has been changed. I also know about quality control; for example, if the goods have been kept at the right temperature, which is vital for many food products.
Another important example is the payment. With blockchain, you can incorporate smart contracts. These are essentially routines that automate payments based on what happens with shipping. Therefore, the parties accept the contract and incorporate the terms inside the blockchain and when the conditions are met, for example a courier leaves a shipment in a particular warehouse (both parties have evidence [of specific performance] and the smart contract starts payment automatically. [19659007] Think about it: Transport is a huge segment of the global economy – 12% of cash flows – and there are so many parties involved: shippers, carriers, customs and companies supplying fuel for trucks, planes, trains, etc., many transactions associated with any shipment.Now you have to wait 60 to 90 days for payment on each individual segment of each participant involved.What happens if, instead, we use blockchain and smart contracts to accelerate payments? This introduces trust and automation, speeding up verification and eliminating enormous resistance, there are so many payments in the global economy. bale.
Where are we in developing and implementing these capabilities?
Let me first of all point out that this is not a new task. We are going through an incredibly fragmented landscape in which very few standards are applied. Yet implementing blockchain significantly requires a very high degree of standardization among all the parties involved in these transport processes. So, when we develop commercial standards for any application we would like to see, progress will be slow.
But one of our missions is education, and in this sense we have come a long way. Two years ago, I could have gone to a conference and been in a room of 100 people where maybe only one or two were well informed about the blockchain. Today, in the same room, there could be 10 enthusiastic people and more a third that can express use cases. And the figures are growing exponentially.
So, where are we: Now we are well ahead in our efforts to involve the various participants to build a solid foundation; lay the foundations. So we are now in a position where people will be able to see real benefits. We are on the edge of some important discoveries that will prove, I believe, transformative.
What else do you see at the horizon?
It is worth focusing on specific challenges and applications, so in this way, we have a number of task forces. For example, there is a discussion about insurance and the desire to speed up the verification of the loss. Furthermore, when insurers do not know much about the carrier or when they can not accurately verify the origin, this increases the cost of insurance and the blockchain can help to solve it.
We are also looking at applications that could allow pay-as-you-go instead of outright purchase. So telematics would link to blockchain registers, allowing users to pay on a per mile basis. And if that were not enough, we are also evaluating the development of a transport futures market, a means to create greater certainty in shipping costs. We have a lot going on and we see great potential.
For more information, read " Logistics, Supply Chain and Transport 2023: Dizzying Speed Transmission ."
