By now, it is clear that predicting the current state of the market can be challenging due to the numerous disruptions in transportation and logistics in recent years. However, these adversities have forced companies to adapt and address the fragile state of the supply chains that underpin our world.
The application of collaborative technologies such as Blockchain implies a breakthrough in the digital transformation experienced by multiple sectors associated with the supply chain, making it a key enabler of competitiveness. The future of international trade is being shaped, but there are aspects that will not change, such as modes of transportation and dependence on skilled labor.
With the integration of blockchain into digital supply chains, new solutions are being created and companies must take steps to combine this technology with others. Although we are seeing significant changes in freight transportation, companies are beginning to adapt to these developments.
In the coming years, we are likely to see an increase in the number of companies of different sizes joining platforms and alliances, which will allow small and medium-sized companies to compete on a level playing field with larger competitors. Technology, especially the Blockchain, plays a key role in this level playing field.
Today, there is a growing demand from customers for greater transparency in supply chains. Tracking a product’s journey through the supply chain allows confirmation of its origin and points of contact, which builds trust and eliminates the biases present in today’s supply chains.
Using the Blockchain can enable companies to quickly detect where and when theft occurred, closing security gaps in the supply chain.
In a traditional supply chain, there are multiple security concerns due to the involvement of various actors in the process. Therefore, it is essential to establish rules and regulations governing such a process to ensure security.
Implementing codified standards can help reduce the time spent auditing internal systems and processes, which in turn can improve the effectiveness of security protocols. The adoption of newly available management systems is also essential to achieving these improvements in supply chain security.
Transportation companies and partner technology companies are working together to create specialized solutions that are already being implemented and are transforming the freight industry.