The introduction of new technologies has brought dynamic changes in the working environment of all sectors. In the current era of digitalization, there is hardly any organization or industry where the potentials of these techniques are not used. Today you don’t have to wait for the weather bulletin on your television or radio. You can know it even while driving your car. You don’t need to go to the bank for collecting the bank statement, you can get it on your mobile. In short, digitalization has minimized our lives into our hands.
Understanding the benefits of digitalization in the working different industries, the transport industry has also started enjoying its benefits. As a transporter whether you own a single truck or a fleet of trucks, adopting digital technology will reap you an abundance of profits. Interestingly, Blockchain is one such technology that is greatly influencing the working of every industry which is adopting it. Today we will discuss the benefits of blockchain technology in the transport industry.
What is Blockchain?
Blockchain in simple words is a distributed digital ledger, which records and shares every transaction that takes place within the network. After being used successfully in FinTech and banking, blockchain technology is proving beneficial in industries like supply chain, property trading, education, healthcare and others.
Use of Blockchain Technology in the Transport Industry
Managing the transport business is not an easy task. Not only, you have to track your drivers, but there are also lots of other tasks that require regular attention. In the current scenario, there are lots of challenges from which this industry has to combat with. Some of the common problems in the transport industry are limited traceability, non-transparency in records, complication regulations, money laundering, etc. With the help of Blockchain, the transport companies can automate their working process, track the whole process from dispatch to transport.
During the transportation, a truck has to cross and follow all the determined paths and regulations before it reaches its final venue. Any mistake during the whole process can result in a huge loss to the fleet operator. It may be in the form of an accident or kidnap of the truck etc. With the help of Blockchain the transporters can record every move and activity from time to time and track the shipment anytime from anywhere.
The other benefits of Blockchain technology in the fleet management business are:
- Instant and in-depth tracking of shipments.
- Help in maintaining the quality of goods by keeping them at the right temperature throughout the transportation.
- Instant alerts in an emergency.
- Quick, errorless, and efficient invoice and payment process.
- Easy and flawless monitoring.
- Recording transactions on a digital ledger
- Remove the use of paperwork and record data manually.
- Seamless delivery, effective tracking of orders and authenticity.
Future of the Blockchain Technology in Fleet Management:
Using the Blockchain technology in fleet management is a dynamic move, but it will take time for the transporters to adopt it. For this, you must learn lessons from other businesses. Then consult a Blockchain development consultant to understand its benefits in fleet management.