Blockchain technology is making a significant transformation in various businesses whether it is related to medical training, defense, education or shipping. Initially, blockchain was invented for a smooth and secure transfer of cryptocurrencies. Later, IT geeks found its path breaking potential of cybersecurity, transparency and speed. Consequently, blockchain has started showing its significance in various fields. The best thing about blockchain is its open source and decentralized mechanism. Features comprising blockchain make it one of the best technologies for the shipping business. Let's understand how blockchain container shipping is beneficial for this business line.
Advantages of Blockchain Technology for Shipping Industry
1) Complete transparenncy
Everyoneconnected in a blockchain network with the help of nodes can track the information of shipment. In blockchain, everyone can access the information but cannot influence the data. From the perspective of the market, it is a great thing. All participants of a particular market get full transparency..
2) Smart cotract
Smart contract is one of the recent technologies introduced in business contracts. Instead of signing a written contract on the form, a computer program can help in implementing all terms and conditions. It's self education system automatically creates a program where both parties have to fulfill the terms and conditions to succeed in a contract. As we already mentioned, it will give full transparency to the users but no one can make even a slight change.
even after setting up a well connected communication system including mailing and calling features, getting real-time updates is still a big challenge. creating and mailing documents to different parties concerned with shipping contract is very time-consuming. Blockchain automates this system for everyone so that real time information about the shipment is accessible by the concerned parties conveniently. Therefore, we can also say that real time updates of blockchain in shipping is also a significant time saver.
4) Automateast processing with accuracy
One of the factors among accuracy and speed are usually compromised while adopting the conventional technologies for the shipping industry. The blockchain fulfillment technology is fully automated and executes the contracts without errors. Since this technology works on automation, the speed will be obviously higher.
5) Robust c security
Robustness in cyber security is one of the features that makes blockchain a distinctive technology among conventional methods. The entire information goes through a blockchain digital ledger secured with a unique hash value in the blocks. No one can change the information once it is stored. Even if such an attempt is made intentionally, its transparency feature reveals the entire activity to the connected nodes.
6) Affoe for all business sizes
Whether you are running a startup or enterprise level industry, blockchain technology is approachable to everyone. It is an open-source digital ledger that helps in eliminating delays in procedure implementation, documentation, cryptocurrency acceptance and customer data management.
Blockchain in shipping has a bright future and you should start adopting it from now. High speed, accuracy and security robustness will definitely provide you with an edge over other competitors.