Blockchain development is being adopted in India day by day in various sectors. It was invented in 2009 by Santoshi Nakamoto and is now widely used across the world in all sectors. There are many sectors in India who has adopted and some are planning to adopt including telecom companies, The tea board of India, etc. Some of the students also suggested adopting in voting system, so that it could be beneficial for all. Blockchain technology is mainly used in government banking institutions.

Before getting information about the role of the blockchain market in transportation and logistics, let’s get some information about what is blockchain technology.

What Is Blockchain Technology?

Blockchain Technology is a method of sharing information that can’t be manipulated or changed in a business network. In blockchain, data is stored using cryptography and built in a chain with blocks. Mainly this system of blockchain is used to secure transactions and to speed up the data transfer processing. The ledger that is created with the help of blockchain can’t be altered. These ledgers are used to track transactions, payments, and orders.

Importance Of Blockchain Technology:

The market of Blockchain technology is growing day by day. The system of decentralized ledger system is making it appealing to some of the sectors such as healthcare, finance, and supply chain management. 

Blockchain technology is helpful in avoiding legal issues. A change made in historical data may change whole the ledger. So it is impossible to corrupt the data when the transactions are recorded with blockchain technology. 

Where The Blockchain Technology Is Used?

As we discussed above Blockchain Technology is used by various industries. These are the industries where it is used.

Finance:

Blockchain technology is used in finance sectors for the purpose of trading and online payments. 

Energy:

With the use of blockchain technology, energy companies have created a trading platform where the excess solar energy is being sold to the neighbors. Once the solar panels are constructed, sponsors of them might also receive the rent for the same.

Retail:

Nowadays, online retail companies use it to track the record of the movement of goods between sellers and buyers. Not only this, but also helpful to know whether the goods are authentic or not. 

Media And Entertainment:

To protect the copyright data in media and entertainment companies, blockchain technology is used. Multiple transactions are done for the verification of copyright for the compensation of artists.

Role Of Blockchain Technology Market In Transportation And Logistic Industry:

There are many reasons why Blockchain Technology was adopted by the transportation and logistics industry. In this sector, blockchain services focus on creating documents and increasing efficiency. With the increasing demand for same-day delivery, blockchain has solved the problems related to freight. 

Some of the shipments are from Pharmaceutical industries that need the right temperature to store. But sometimes due to excessive acceptable range, the products get wasted. 

In the industry of transportation and logistics, blockchain technology helps in reducing shipping costs. Blockchain technology promises fast delivery and secure tracking of orders which previously was poor.

Increases Efficiency:

Blockchain has removed some of the obstacles that were previously faced by the suppliers due to intermediaries. Monetary transactions have become faster and easier with digital currency.

Security:

As everything is going to be digital, contracts between suppliers are now becoming smart means the signature which is algorithmic can’t be manipulated after the data is entered into the blockchain. With this system of blockchain, everyone can access the information, and can be shared publicly.

Easily  interacts with other technology:

With the sensors included in the blockchain technology, it gathers accurate data about the product. If any product gets damaged, blockchain technology integrates with the IoT system to know the status of the product handled by the deliveryman.

Instant transaction settling:

As discussed above smart contracts contain necessary information that helps in relieving the funds after the successful verification of documents. They get paid instantly after verifying that the goods are of them.

Protection from theft:

Records that are maintained with the blockchain give proof of the documents in their original version. So blockchain can ask for the presentation of original government-approved photo identification for pick up or delivery.

Smart Contracts:

Smart contracts have taken the place of a lengthy process of settling an invoice which was taking so many days in the transport and logistic industries. The smart contract contains all the data that is required.

Dispute Settlement:

With Blockchain technology, important data that is stored can be checked anytime to avoid misunderstanding. It prevents conflicts among parties for the payment.

Companies That Provide  Blockchain Development Services:

As we know, Blockchain development is helpful in recording transactions securely which can’t be changed whether they are physical assets like real estate and money or non-physical like copyrights.

There are many companies that provide Blockchain development services as:

• Tech Alchemy

• Peiko

• Evacodes

• Antier Solutions
• Cubix etc.

Not just in transportation and logistics companies, blockchain technology also plays a crucial role in other sectors such as travel app development services and mobile app development services.

• In travel app development services, blockchain is useful in settling between travel agents, hotels, and vendors. By integrating with artificial intelligence blockchain manages travel expenses by delivering smoother payment experiences to customers.
• With Blockchain technology, data security can be increased. As the data is encoded it is not easy to decrypt. Blockchain contains a decentralized system, due to which there is less chance of the system crashing.

Conclusion:

With the benefits alone, every technology has its own pros and cons which can’t be avoided. Blockchain is useful in several ways, but has also limitations. For ex. If a company’s key gets damaged the blockchain system will lose data. So the risk is also associated with this.