While blockchain in logistics still sounds like an abstract idea, it holds massive untapped potentials for African companies and the African logistics space if we can probe deep to understand its functionality, value and rewards.
Blockchain technology is fast becoming that game-changer spreading wildfire everywhere. The most exciting thing about it how it is disrupting not just the financial sector but possibly ALL, dispensing tailored solutions to the various needs of various industries.
Somewhere in Africa, a worker in the logistics industry is struggling with his roles as a freight forwarder, somewhere in Africa, a seller is trying to defraud a buyer by being dishonest about the quantity of the products received in a shipment. Somewhere in Africa, a buyer is trying to defraud a seller by mixing up substandard products with standard ones. Amidst so many unanswered questions in the African logistic space, Blockchain has answers.
OF COURSE, TRANSPARENCY
When we consider electronic real-time exchange of information between parties of a transparent logistics arrangement, mere email and faxes can no longer get the job done. Recipients want to be able to track variations and deviation and know where their goods are at every point in time. Blockchain, being super transparent records each transaction on a block and across multiple copies of the ledger that are distributed over many computers. All the records and information needed is stored in one accessible place and can NEVER be erased.
Kobo360’s blockchain-enabled Global Logistics Operating System is a good example of an African logistics company set to revolutionize the supply chain across various markets within Africa by providing instant updates on delivery processes and simplifying the entire supply chain.
With Blockchain-enabled platforms, our physical paperwork and long-hour processing time at customs checkpoints will become unnecessary as documents will be coordinated on a shared distributed ledger.
Theft, corruption, tracking-related issues and other logistics security concerns would be curtailed by blockchain technology as the system is immutable, has no central authority over it and cannot be altered by a third party.
The opportunities are endless! It gives us a reason to watch out for more mind-blowing disruptions looming right ahead of us.
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