In the crypto space, high-earning currencies and new ICOs can gain a lot of attention, both good and bad. The media is often focused on the best-performing coins, or controversial marketing techniques, and even downright scams. While not all cryptocurrencies are destined to last, the revolutionary distributed ledger technology that underlies them is here to stay, making lasting and disruptive innovations in the business world.
The use cases are endless – trustless voting systems, data storing apps that are invulnerable to hacking and server failure – and smart contracts to monitor the comings and goings of international freight.
Blockchain To Overhaul Shipping
Blockchain is poised to completely overhaul the current records system for international shipping which still relies on millions of paper documents to keep track. IT specialists at Maersk, the world’s largest shipping company, tracked a shipping container’s delivery and found that 200 interactions and 30 people were involved in the delivery of one container alone. Out of 34 days in transit, 10 days were spent waiting for documents to be processed, and one of the critical documents ended up missing, only to be found later in a stack of papers.
The paper trail is enormous, and the numerous interactions needed to verify the location and status of the goods puts a huge strain on the delivery process. As Maersk said:
“The projects we are doing with IBM aim to explore disruptive technology such as blockchain to solve real customer problems and create new innovative business models for the entire industry”
Other shipping companies have followed suit, with Samsung investigating blockchain for their whole logistics process which handles billions of dollars worth of goods each year. Hyundai are launching their own blockchain to develop trusltess logistics as well, and Huawei have already launched a blockchain with “supply chain traceability” as one of the primary functions.
Distributed ledger technology can eliminate the need for individual verification of documents through trustless, automated smart contracts on the blockchain where no document entered can be misplaced. The World Economic Forum estimates that $1 trillion in revenue can be generated through the global adoption of blockchain technology, stating that blockchain can solve some of the world’s most pressing challenges – and major international businesses are certainly taking that to heart.