INSPIRATION
Blockchain offers security through an irrefutable decentralized ledger system and addresses pressing traceability and related challenges. This brings transparency of transactions to the entire logistics process. Moreover, smart contracts based on blockchain technology allow for quicker approval and clearance by reducing the processing time at checkpoints.
The US-based startup Steamchain offers a blockchain platform that simplifies payment processes using its World Trade Logistics (WTL) smart contract system. WTL smart contracts enable B2B payments and prevent fraud by providing an immutable record of all transactions. WTL smart contracts help in minimizing currency fluctuation costs, in addition to eliminating the costs of currency conversion.
The US-based startup ShipChain builds a logistics platform that leverages blockchain technology to support the end-toend shipping process. The platform allows all stakeholders to track shipment locations at every step of its journey. The platform also updates information regarding the estimated delivery times using encrypted public ledgers. The photocopies of documents are uploaded into the platform after the delivery is complete, thus increasing visibility and transparency of goods in transit.
