For any business to run successfully, it is necessity to build a strong logistics department within the ecosystem. The industry comprises of complex processes like sourcing of raw products, inventory, manufacturing, handling or management, transportation, and warehousing, etc. In simple words, it includes all the operations running in a business entity that bridge the gap between the point of origin of goods and the point of discretion so that the final products can be made available for consumption to the customers. Earlier, this detailed organization was managed and operated by the labor force. However, as time changed, technology penetrated its roots in varied domains like machinery, transportation, record-keeping, supply chain management, etc. and improved the logistics industry in a big way. The processes became faster and economical too both for the producers as well as the consumers.
With the increase in popularity of blockchain, the new-age technology fast became the driving force in an array of industrial arenas, including logistics. With the implementation of blockchain technology, the firms enjoyed the highest standards of security, transparency, and immutability in the logistics sector. Interestingly, the logistics industry is the most diversified sector as it involves producers, customers, suppliers, auditors, and others as well. The blockchain technology aims to cater to the requirements of all the parties by giving benefits to one and all.
Given below are some of the amazing benefits which blockchain brings in the logistics industry:
- Blockchain ensures trust and authenticity between the two participating parties by using smart contracts as the medium to enter a deal.
- The customers get the golden opportunity to track their favorite products from their point of origin to their selling spots.
- The facts and figures stored in a blockchain cannot be changed or altered or deleted by any third party, which makes data mishandling impossible. Also, all the crucial information related to origin, authenticity, property certificates, and records are stored in a single ledger, thus, making record keeping simplified.
- Blockchain technology helps to streamline the supply chain processes in a big way — this aid in the improved flow of transactions.
- The decentralized system helps the auditors to scrutinize the transactions conveniently.
About dexFreight
dexFreight serves as a globally reputed logistics platform that employs the expertise of blockchain technology to revolutionize the logistics industry. Launched in 2019 as a pilot project with the support of its elite panel of partners, dexFreight is striving hard to turn its aims into reality as per the set timeline. The dedicated team of professionals at dexFreight renders an efficient interface for shippers, carriers, and supply chain stakeholders to carry out secure transactions transparently and economically. The platform brings together the amazing benefits of blockchain technology, IoT, smart contracts, and AI to wither away the complexities existing in the logistics industry.
The global customer base of dexFreight uses the platform for manifesting convenient digital transactions, tokenized payment settlements, real-time peer-to-peer interaction, automated load and capacity matching, insurance solutions, and prevention from illicit activities.
dexFreight marketplace aims to leverage liquidity options for its small and medium-sized business clients hailing from developing economies. One can keep track of the operations being carried upon on the blockchain network, thus offering traceability.
The 2019 Breakthroughs
In March 2019, dexFreight announced its collaboration with CargoX, which works as a renowned firm supplying blockchain-based Smart Bill of Lading solutions. The partnership was aimed to facilitate the transfer of ownership rights by the users without taking the pain of handling excessive paperwork, notary, and attestations. This helped to bring down the time period required for the transfer of ownership from 10 days to a mere 20 seconds.
Later in October 2019, the platform teamed up with Centrifuge and the Maker Foundation to launch successfully a pilot project for tokenizing freight invoices and using them as collateral to offer invoice factoring at a reduced borrowing rate for trucking firms.
Conclusion
The logistics industry is one of the largest industries in the world at present. As globalization continues to bring consumers and markets from around the world closer, the logistics industry continues to grow in heaps and bounds. This vast expansion of the sector led to the adoption of blockchain technology for the management of operations. dexFreight promises to bring the best services, liquidity options, and products to its customers for the best prices available in the market.
As the industry is in its growing phase, dexFreight is likely to reap the fruits of early adopters of blockchain technology.
