Harvard Business Review: Blockchain to transform logistics

New infrastructure and technology, richer and more visible logistics data, and pressure to reduce costs have caused the supply chain industry to consider new platforms for distribution, including blockchain, according to the Harvard Business Review.

Blockchain and other distributed ledgers are designed to be public records that automatically coordinate logistics. For example, data from sensors, inventory palettes and shipping events can be automatically added to the blockchain.

Multiple parties contribute to the blockchain. This eliminates the need for a single source to govern. By having an open-source ledger, there is added transparency, which results in users being held to higher standards, reports the Harvard Business Review.

Different blockchains also allow users to manage permissions, asset ownership and accountability to ensure service quality.

Shipping giant Maersk and IBM have teamed up to launch a blockchain-based platform that aims at managing global shipments from multiple stakeholders. Through the TradeLens blockchain, contracts can be executed automatically, and all the information is indefinitely stored.

To read the full report, click here.

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