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22 Feb

How Blockchain will Revolutionize the Trucking Industry

Folio1 Startup News

Over the past few years, one of the most impactful technology enhancements has been the use of blockchain technology. While most people associate blockchain with the purchase of Bitcoin and other cryptocurrencies, it actually has many other functional uses that could be used to improve a wide range of industries. One industry that could see a big improvement from the use of blockchain technology is the shipping and trucking industry.

 

Improved Payment Methods

One area in which blockchain could benefit the shipping and trucking industry is through improved payment methods. Blockchain technology can be used by a shipping provider to import smart contracts that will allow for money to be automatically transferred through blockchain after a delivery is complete. This will greatly reduce the billing and collections costs and can improve cash flow for shipping companies.   It also provides a very secure method for transferring payment, which is beneficial for all parties involved.

 

More Precise Delivery Records

Another benefit of using blockchain is that it will be able to keep more precise delivery records. This can be extremely beneficial in the event a product needs to be recalled. For example, if a television producer realizes that one set of televisions produced on an assembly line were malfunctioning, blockchain will be able to quickly identify where each impacted television was sent. This can greatly help to speed up the recall efforts and can limit the costs associated with the product recall.

 

Truck Maintenance

Blockchain technology will also be able to provide more maintenance feedback than ever before. The technology will be able to provide fleet owners with real-time information about the historical maintenance records and need for servicing. Using blockchain and other tech advancements over the past few years, fleet owners will also get reports regarding the current condition of the vehicle to determine whether it is operating efficiently.

 

If you are interested in learning more about how blockchain can impact the world, you should contact us.

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