Blockchain technology is really gaining a lot of importance in the transport field. The adoption of distributed ledger technologies by corporate companies in the transport sector has elevated the applications of blockchain technology in the last couple of years. It is mostly because the technology offers more convenience and benefits to the users.
A recent data says that around 85 percent plus business transactions related to trucking in the world are carried out by Blockchain in Transport Alliance (BiTA) members, an organization driven by members and devoted to encouraging blockchain adoption within logistics field. So what makes so many people in the transport world use blockchain?
Domestic, state-level and national transport process call for a lot of paperwork which naturally takes a lot of time. Blockchain platform reduces paperwork thereby minimizing the chances of losing the paper forms or misfiling them. So one of the main reasons for increased use of blockchain in this field is because it not only reduces the risk of losing important data through misplaced papers but it also reduces the impact of the business on the environment.
Another important reason why blockchain in transport has advanced greatly in the last few years is that it offers the option to track transactions, performance history, audits and the capacity of freight in real-time. It certainly is a big makeover or a revamp from the traditional transport industry format that required hours of communication to track a particular delivery or transport.
Decentralization is one of the important and integral features of any blockchain-based operation. And in the case of transport, decentralization offers improved accessibility and transparency thereby opening up the businesses to the people who until now have been reluctant to switch over from their traditionally applied systems, reported Government Europa.
LiteLink Technologies Inc is one of the few companies that have understood the significance of blockchain in transport. The leading blockchain enterprise and provider of artificial intelligence (AI) solutions recently formed an alliance with BiTA, reported Aithority. With this alliance, LiteLink now has the opportunity to promote and educate the entire transport industry about the advantages of the blockchain.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]