Over the past few weeks this series has explored blockchain’s application to a number of sectors within which we expect the technology to be used to streamline complex processes in the near future.
No sector is more suited to its application than the transportation and logistics industry. Traditionally dependent on unwieldy paper-heavy processes, the forward-looking players in this space are keen to tap into the latest innovative technologies and break away from industry standard. The technology has the potential to radically change the way that we transport and store products as well as people.
Under the newly enacted Innovative Technology Arrangements and Services Act, these stakeholders have an opportunity to legitimise and apply for certification under the Malta Digital Innovation Authority for their blockchain platforms. Certification is intended to bolster consumer trust and increase efficiency across logistic trails which can benefit from blockchain technology in a number of aspects – from ship and aircraft registration and finance, to improving traditional supply chains which are usually weighed down by the need for physical documentation.
A paperless system that utilises blockchain reduces costs, delays, and the potential for fraud created as a result of the excessive information exchanges between numerous parties. By placing the information relating to the supply chain on a ledger, the information is visible to permissioned parties, enabling live updates and an unprecedented level of transparency and immutability. End-users will be able to view a comprehensive record of the journey of goods across a supply chain from origin to destination, as well as monitor transit conditions, such as the temperature and level of humidity in the container.
This piece forms part of Camilleri Preziosi’s ‘Beyond Blockchain’ weekly series, in which members of the firm’s Blockchain and Fintech teams map out how the landscape has evolved since the ‘Unravelling Blockchain’ series published earlier this year. For further information, contact us on email@example.com.
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