How can blockchain uplift trucking industry?

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How can blockchain uplift trucking industry?

Blockchain has so many sides attached to it that with every other news the sector it could help, increases! Who knew that blockchain can also help in the upliftment of the trucking industry?Crazy! Right. Did anybody even foresee that?  Well, enterprise blockchain development has again changed the way connecting network works! It is a fact that trucking involves connection of too many parties to accomplish process of transactions. Hence, it needs blockchain to run in a free and easy way. 

Blockchain in trucking industry

Trucking is an industry which involves a lot of assets, transactions, and recording of data. It has been noticed that there is this problem by the manufacturer for finding the trucks at the right place and right time. This hurdle ruins and complicates the free flow of the supply chain. The reason is not that the trucks are lesser in numbers. It’s just that they do not reach due to the lack of coordination among the workers and the manufacturers.

Blockchain in Trucking Industry

Till now, blockchain is not much prevalent in the society. Hence, there is a need for some situations to be thought about to let the trucking industry get into the system of blockchain. Any blockchain development company can help uplift trucking industry. Why and how? The reasons are listed below!

All the parties involved should have faith over the systems of blockchain!

Blockchain in itself is a huge combination of chains linked together as a ledger to arrange the data in a proper manner. For blockchain to take over the security and systems for the trucking industry it is the parties like manufacturers, suppliers and retailers that are needed to trust blindly. 

Each and every person can see the entire transaction data on blockchain. This gives a way for the transparency. And, as a result, builds a trustworthy relationship among the customers and retailers. 

Nobody should be kept away from it, not even the small carriers and shippers!

Most of the small companies that exist fail to be a part of a huge technological change due to the lack of knowledge and reach to the software and hardware. In order to make the blockchain reach to every end, it is important to connect all the dots in the way. One of the connecting dots are the small carriers and shippers. 

It is considered to be one of the hardest tasks for blockchain to get into the business because of the drivers not being much educated. Of course, blockchain in trucking will take some time. But, it be able to flourish the system with flying colors. 

Everybody should come under one roof for data standardization!

Data standardization is where all the parties will be able to get rid of frauds due to all the data that would be stored by the recent parties. Each party would record the data decided by all the parties altogether will bring a sense of trust, for instance, the invoice of every purchase.  Electronic data interchange is the standard for the trucking and logistics industry.

In practice, blockchain requires a lot of effort and time to enter into the security industry fully. Hence, it can be even more time-taking in case of the trucking industry, major obstacle being all the people involved should be on-board!

But, thinking about the change that would be brought in this industry with the help of the blockchain will notice a huge efficiency in getting the most out of the assets and trucks we have.

Trucking and shipment industry

Let’s see how it will change the current situations!

  • Connecting the truck drivers with the manufacturers for shipping their materials through blockchain.
  • No need for contacting  third party freight companies for the shipping.
  • Blockchain would automatically record the duration for which the truck and the driver would be busy along with the weight of the shipping material.
  • All the exact information about the shipping would make it easy for getting the right amount of payment according to the services attained.
  • Smart contacts would help in recording all the costs adhered by the truck and the whole service.
  • All the involved parties can track all the events related to the shipment. 
  • After the delivery, blockchain system marks the proof and initiates the payment with the proof of delivery.

Signing off: Blockchain has a future in trucking industry

Blockchain has always helped all the industries in experiencing the utmost transparency during the whole process. Blockchain in trucking industry would enjoy this feature the most. Because, all the parties would be able to know the exact update of the shipment. 

Blockchain in trucking industry is popular for its most trustable system of security. It helps in the easy and  free flow of goods. Also, blockchain keeps the entire information protected.  As no third-party can alter any information, it makes the blockchain the most suitable system for the trucking industry.

Let us know if you think blockchain in trucking industry has more dimensions to be looked upon!

P.S. SoluLab has been recognised as the best outsourcing company in India for its top-notch Blockchain, AI and IoT solutions.

By | 2019-08-22T11:23:09+00:00 August 22nd, 2019|Blockchain, Supply Chain & Logistics|Comments Off on How can blockchain uplift trucking industry?

About the Author:

Sonal Mehta is a Content Lead at Solulab, USA based leading Blockchain Technology, mobile apps and software development agency, started by Ex vice president of Goldman Sachs, USA and Ex iOS lead engineer of Citrix. Solulab help build startups - we are a no-sweat technical partner for early stage entrepreneurs to launch ideas from scratch and for later stage startups to build more quickly and affordably.

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