Logistics and Trade

Blockchain in Logistics
and Trade

Add greater visibility and efficiency across the entire supply chain to deliver higher value to your customers and trading relationships with SUIC Blockchain.

As blockchain and IoT converge, the push to commercialize applications leveraging both technologies grows. The latest industry to embrace this confluence is the transportation and logistics industry. In late August, the Blockchain in Trucking Alliance (BITA) launched with 150 or so member organizations — including transportation management companies, brokers, carriers, shippers and technology vendors. BITA’s stated goal is to create standards and educate industry stakeholders about the promise of blockchain. And at last week’s Connected Fleets USA event in Atlanta, BITA co-founder Craig Fuller, CEO for TransRisk, stressed that the combination of IoT and blockchain in logistics and transportation will be a formidable one.

Benefits of supply chain with blockchain

  • Reduce or eliminate fraud and errors
  • Improve inventory management
  • Minimize courier costs
  • Reduce delays from paperwork
  • Identify issues faster
  • Increase consumer and partner trust

How Blockchain Could Transform International Trade

  • allows transactions to be validated without the use of a centralized database.
  • can reduce friction in international commerce.
  • can broaden the distribution of the gains from trade and encourage higher economic growth.

Best known as the platform for cryptocurrencies like Bitcoin, blockchain technology allows transactions to be validated without the use of a centralized database. This innovation holds the potential to transform trade finance, argues SkuChain Vice President Rebecca Liao in the journal Foreign Affairs.

She observes that “because blockchain provides a distributed digital record that does not require trust or coordination between firms, it allows for secure, standardized transactions to occur almost instantaneously, even across borders” and finds that “the widespread adoption of blockchain . . . would especially benefit importers and exporters, granting them access to the financial backing that many now lack.”

The author outlines how blockchain can “reduce friction in international commerce, broaden the distribution of the gains from trade, and encourage higher economic growth.”

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