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Blockchain and Logistics: Creating a Shared Ledger that Disintermediates Distributors and Middlemen
The killer application for blockchain? Currencies? Maybe, but regulators everywhere are trying to kill it. It may turn out that logistics and supply chain is the killer blockchain application. Blockchain would enable transactions to be recorded in a secure way which can be accessed by all members in the supply chain, without the need to interact with distributors and middlemen.
Fred Smith, Chief Executive Officer at FedEx, said that “we’re quite confident that it [blockchain] has big, big implications in supply chain, transportation and logistics. It’s the next frontier that’s going to completely change worldwide supply chains.”
Mike Powell, vice president of technology solutions at RIM, said that “blockchain technology has the potential to fundamentally change the way global trade operates.”
Daniel Cotti, CFO of TradeIX, said that “blockchain technology can power leaner, more automated and error free processes and increased visibility.”
Dale Huang, CTO of COSCO Network e-Logistics, said that “blockchain is going to be the core technology of the logistics and transportation industry in the future – especially replacing EDI, which is now widely used across this industry.” Dr. Noura Al Dhaheri, CEO of Maqta Gateway, said that “technology is a crucial driver for the future of the shipping, logistics and trade industry and blockchain is a key step in the digitalization of trade.”
