At this point, we all can agree that making predictions on the current state of the market can be very tricky. After the many disruptions in transportation and logistics over the past couple of years, we are better prepared to adapt to adversities, after being forced to face the fragile state of the supply chains that run our world.
The generalised assimilation of Blockchain is already shaping what is going to be international trade in the coming years. However, we can be certain that some things are not going to change, for instance, the modes of transportation or the companies will still depend on trained labour.
Some of the changes we are seeing with Blockchain is the creation of solutions derived from this use; companies have to take steps to integrate blockchain with other technologies as they migrate toward digital supply chains. But we for sure are beginning to see some developments that change the way we’ve always done freight.
The clients’ demand for more transparency is incipient these days. Tracking a product’s journey through the supply chain confirms its origin and points of contact, building trust and eliminating the prejudices found in current supply chains. From a practical perspective, sea freight has been plagued by theft since before pirates sailed the high seas. Today, most of these thefts take place at ports, but blockchain immediately shows where and when the theft took place, allowing companies to close security gaps.
We can expect to see a growing number of companies of all sizes joining platforms and even alliances in the coming years. This puts small and medium-sized companies on a level playing field with larger competitors. With Blockchain, it’s all about the technology.
In a regular supply chain, there are many security concerns, as many actors take place during this process, is important to coordinate on the standards governing such process. Codified rules can help reduce the time spent auditing internal systems and processes, these kinds of improvements in security protocols can only be achieved through the new managing systems available.
Ocean freight companies and the technology companies that empower them will create new, specialized solutions for the decentralized architecture that reigns within the industry, in order to block any surging problems. These trends are already being used and transforming the industry. New projects are being developed every day and new competitors are entering the market. While this may be a concern for some companies, it is good news for the sector as a whole.