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How Blockchain Can Improve The Transportation Industry
The latest technology trends of today are serving the businesses and customers with redefined services. Enabling enterprises to execute their business operations efficiently, these trends assures increased profits and business growth in the future.
Blockchain has become one of the most popular technologies that remain trending and has revolutionised the finances. However, Blockchain can offer more than just financial security.
What is Blockchain?
Satoshi Nakamoto introduced the world with Blockchain technology in 2008, and since then, it has always been the talk of the town. The investment in Blockchain is predicted to have reached 2.9 Billion dollars (2019) and will mark the reach to 12.4 billion dollars by the end of 2022.
Blockchain is a digital ledger that uses a decentralised distributed network to store blocks that are interconnected and secured by cryptography to protect the information contained in it.
The blocks are chained with hash values and hence to alter the data of anyone block, the entire chain needs to be changed, which increases the security of blocks. Cryptography is used to validate the transactions and gives access to authorised personnel only.
Blockchain applications: Ranges far wide than just finances
As Blockchain offers utmost security and provides authorised access only, finances have seen their future in it, and hence, it has been implemented. However, the applications of Blockchain are not limited to only finances. It can be efficiently used in other industries also to deliver the best results.
Due to its chained block structure, it facilitates easier fault finding and hence can be used to manage the food products efficiently, and if any problems occur, it can be found easily because of the chained blocks.
This has impressed many leading investors to start using Blockchain for increased efficiency. The list includes Walmart, Unilever, and Nestle, who are introducing Blockchain in their business operations to reduce the risks of food contamination.
Bitcoin: Just an application not an identity
Cryptocurrency is one of the most popular applications of Blockchain. Bitcoin has gained superb fame in the market and often, people confuse Bitcoin with Blockchain. Bitcoin is a type of cryptocurrency that implements the concepts introduced in Blockchain and provides an efficient way of completing payments.
There are over 1600 cryptocurrencies at present (as of 2018) and still counting in the market. Bitcoin belongs to only a single type of Blockchain while Blockchain expands in multiple types and introduces better control and security to each block being stored in the chain.
Types of blockchain
Blockchain can be divided into three categories, primarily: Private, public and consortium. Each platform of Blockchain introduces different features, and it is entirely up to organisations to choose one as per their requirements.
A public blockchain is a platform that is open for all, and one can easily add themselves to the network, read transactions, invest, send and do all the activities that particular application offers. Bitcoin is an excellent example of a public blockchain.
Consisting of a strictly centralised nature, private Blockchain offers enhanced security by introducing authentication needs before one tries to access the network. Private Blockchain drives all possible security threats away and provides the highest level of protection by being limited to only authorised members and restricting access to the entire network.
The consortium combines some of the fantastic features from both public and private platforms and hence introduces a newer approach to using blockchain technology at its best. It includes the public availability of a decentralised network (just like public Blockchain) and provides only controlled access to the system (just like private Blockchain).
Blockchain for transportation: Increase efficiency and unleash exponential business growth
The transportation industry is one of the global leaders when it comes to earning revenues. It is estimated to achieve growth at a rate of 2.9% (2019). It is also stated in a report by S&P Global that the outlook of the transportation industry will remain stable.
Furthermore, on-demand transportation is becoming popular, and almost 51% of retailers confidently offer same-day deliveries which were previously only 15%.
Therefore, technology trends introduce better and efficient approaches for the transportation industry and ensure the growth continues. The introduction of Blockchain to the transportation industry can result in dynamic control, enhanced security and privacy, efficient payment processing and more.
Whether a passenger is travelling or a shipment is required to be transported, the details of the carrier are required. Blockchain can work efficiently here. Blockchain helps in maintaining the originality of the entered details and does not let it get corrupted by anyway. Therefore, the person entering the data is solely responsible as only limited access is granted.
Also, the carrier details can be used later to feed into the system and monitor the entire journey from a remote location. Providing access that is decentralised, there can be many authorities closely monitoring every detail, and it helps in ensuring the efficiency of the system.
The entered details can be verified excellently, and the guarantee of information protection can be given as the features can only be added by a trusted source that has been allowed to use the system. The worries of incorrect data or stale data entry are eliminated.
Blockchain guarantees excellent control over the vehicle used. Once the details have been entered, it can be accessed by the authorised personnel from the authenticated peer and can access the location details of currently in-transit requests.
Allowing to add the security paradigm in the system, there can be modules added to the system that provides access to location details to the users also who have requested the services.
For example, if a uber clone app is used for supporting the ride-hailing services, the passengers can also be provided with the details of the live location of their ride and updated continuously using the trusted network created by Blockchain.
Same for the case of shipment in transit. It ensures a single source shares data and hence provides assurance and required information.
To maintain the connection among stakeholders intact, Blockchain introduces an excellent policy that ensures controlled access and enhanced security for the system. The stakeholders can be given access to individual peers of the system using which they can access a particular amount of information and can stay updated on the activities throughout the time. The information security is guaranteed as only authenticated users can access the data.
The data being posted can be provided only limited access, and it can be from a single source only that can be later shared with other stakeholders. The system contains only time-stamped data that can help in verifying the information if required in the future. Also, it ensures that no duplicate or wrong data can be added to the system by checking the already entered data in the system.
Payments through cryptocurrencies
Cryptocurrencies are increasingly becoming popular in the market. The value of a single bitcoin is 8,150.62 dollars as per now. The commitment of security and easy usability become the primary aspects that attract more investments and users to start using it. The future of cryptocurrencies is bright, and the transportation industry can surely integrate it into the operations to provide faster and safer transactions for the payment of digital currencies.
Future technologies to brighten up the transportation and logistics industry
Blockchain is just one from the list of all others. Introducing new and better concepts that ensure efficiency and reduce the security threats, the latest technologies can enhance the user experience provided and also assure to earn profits.
IoT (Internet of Things), Big Data, AI (Artificial Intelligence), Blockchain and many more offer more than they promise and emphasise improving the services provided.
With the use of blockchain technology, the entire business operations can be streamlined efficiently without having to worry about security as it implements the most significant concerns that aim to protect privacy and security. Early adopters of the technology are sure to earn profits and can become industry giants shortly.
Tell us your blockchain story
Have you started using blockchain applications of late? Do you think they will solve current personal and enterprize issues within the transportation industry? Let us know in the comments below.
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Disclaimer: This article should not be taken as, and is not intended to provide any investment advice and is for educational purposes only. As of the time posting the writers may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency as all investments contain risk.
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