A future where making transport and logistics more effective, secure and transparent by implementing blockchain solutions is what Shipchain aims for. A fully integrated system across the entire supply chain sector is what this advanced technology could bring in into the shipping industry. Blockchain has been a part of many industries which include real estate,
A future where making transport and logistics more effective, secure and transparent by implementing blockchain solutions is what Shipchain aims for. A fully integrated system across the entire supply chain sector is what this advanced technology could bring in into the shipping industry.
Blockchain has been a part of many industries which include real estate, finance, education, and agriculture. It has helped them find innovative solutions too many major issues and now ShipChain is a part of this world.
E-commerce has become an inevitable part of our life and without logistics; traders and their customers cannot ship goods. The industry has gone down the road of development and progress with time and the rapid growth in technology. In the United States alone, the shipping market was worth almost $1.5 trillion in 2015 and continues to grow.
However, no matter how quickly the logistics industry grows, the issues concerning efficiency and transparency still become a barrier in the smooth flow of
The shipping industry has been waiting to solve these issues and blockchain is the new-age technology that has come to their rescue.
John Monarch, the CEO and one of the cofounders of ShipChain is also the
In a recent interview, Monarch stated that the highest rate of employment in the world is under the logistics industry. Global trade rate increase over time has to be one of the reasons. The pace is undeniably rapid and for the shipping industry to survive in this digitalized world it is important to bring innovative technologies into its structure.
First and foremost are the security concerns. Sensitive data protected on all Internet of Things(IoT) devices have to be safeguarded well. Blockchain is designed in a way that it helps provide this extra layer of security needed through the well known smart contracts and even its distributed ledger system and encryption.
According to Monarch, Blockchain can potentially save the technology has the potential to save stakeholders in the global trade industry anywhere from $50 billion – $500 billion annually.
So if done efficiently, the industry may give up its traditional setup and supply structure and make way for the more transparent, blockchain-driven future. ShipChain is therefore in the forefront of this futuristic change as it aims to create and test new and exciting logistical applications of the technology.
Also Blockchain in Transport Alliance (BiAT) is a new forum that aims to help develop new standards that solve the complications pertaining to the shipping. ShipChainThe alliance hopes to revolutionize the way traditional shipping is done, through blockchain regulation and education.
Startups like ShipChain have already announced plans to join the alliance with hopes of being part of an industrial revolution that creates a better business environment.
“We’ve worked with people here to discuss standards and advancing supply chain in blockchain, and it affirmed to us that we are advanced in what we are developing, and that the entire space of supply chain in blockchain is still very early,” said John Monarch.
“What struck me the most was how invested in blockchain technology the UN is. They are currently piloting or have piloted several use cases for blockchain technology and believe the technology can help them solve a lot of the world’s problems by the year 2030. He further added while mentioning their collaborations with government.
ShipChain believes in making Blockchain applications mainstream with these collaborations.