Role Of Block Chain In The Post Covid-19 Supply Chain And Logistics.
The COVID-19 pandemic has largely attributed to a paradigm shift in the supply chain. With no affirmation of a vaccine or a cure for this pandemic, demand has spiraled off its wagon and is less likely to get back to its state before the strike of COVID 19. Supply chains, logistics, and freight forwarding as a whole demands trust, transparency, and integrity. Fortunately at Siggol Logistics, these are our core and statute values. Success in freight forwarding and logistics is mainly attributed to having stable block chains. This is mainly because:
a) They enable ease of document processing.
International container transportation is the most bureaucratized branch in freight forwarding, logistics, and supply chains.in a single cargo handling, many countries and agencies are involved as well as official stamps and documents. This consequentially translates to approximately 12% of the transportation costs. Block chains decrease bureaucratic barriers leading to an increase in global GDP. We have implemented strides to create a global system for digitizing trading operations and controlling cargo transportation, therefore, enabling real-time tracking of shipments and information exchange between the involved parties. This has done away with blind spots, unlocked insights improved efficiency, and promoted accountability and agility.
b) Helps establish a stable supply chain.
The COVID-19 pandemic has largely affected the supply chain. Due to safety concerns, many firms have been shut down leading to a surge in demand for particular goods. The unprecedented demand forces a consumer to source products whose origin and authenticity is not verified. However, with the implementation of block chain, all key parties in a supply chain are connected hence a single source that transpires transparency.
c) Enables contact tracing.
During these uncertain times, there has been a tiff between data sharing and security. However, with the advent block chain data can be gathered and shared. Clients have control over their data as there is no central authority, therefore, building trust. Contact tracing has largely attributed to the recording of assets, tracking of orders assignment of certain properties to products, verification of certificates, and binding physical goods with their virtual information such as serial numbers and RIFD tags.
d) Enables automatic control of selling processes.
The main challenge faced by freight forwarding firms is delayed payments due to errors in invoices which significantly reduces the efficiency of a freight forwarder. Many freight firms work with multiple brokers, who eventually lead to duplication of orders and inaccuracies. With block chains unnecessary intermediaries such as trustees who verify documents, participants, and time-wasting legalities. Scrapping these off speeds up the processes hence deadlines are met and consequentially good customer service and a more stable supply chain.
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