Blockchain Revolutionizing Transportation and Logistics: A Market Insight

 


Blockchain Revolutionizing Transportation and Logistics: A Market Insight

The global transportation and logistics industry stands at the brink of a transformative journey, one fueled by the immense potential of blockchain technology. As a leading market research company, we delve into the dynamics of this evolving landscape to provide you with a comprehensive understanding of how blockchain is reshaping the future of transportation and logistics.

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Blockchain technology market in transportation and logistics industry is fragmented due to the presence of many vendors in the market. The market is competitive, with all players competing to gain more market share. Intense competition, rapid advances in technology, and frequent 

 

Unraveling the Blockchain Advantage

Blockchain technology, often associated with cryptocurrencies, has found its way into various industries, and transportation and logistics are no exception. At its core, blockchain is a decentralized and immutable digital ledger that enables secure and transparent record-keeping. This disruptive technology offers several game-changing advantages:

Transparency and Traceability: The complex web of global supply chains often lacks transparency. Blockchain ensures that every step of the journey, from manufacturer to end consumer, is recorded in an unalterable manner. This level of traceability reduces fraud and ensures authenticity.

Enhanced Security: Traditional systems are vulnerable to data breaches and cyberattacks. Blockchain's cryptographic features safeguard sensitive data, mitigating risks and bolstering data integrity.

Smart Contracts for Automation: Smart contracts are self-executing agreements that trigger actions when predefined conditions are met. In transportation and logistics, this automation reduces paperwork, expedites processes, and minimizes human errors.

Real-Time Tracking and Visibility: Imagine knowing the exact location of your shipment at any moment. Blockchain's real-time tracking capabilities, combined with IoT devices, offer unparalleled visibility, enabling proactive decision-making.

The report "Global Blockchain in Transportation and Logistics Market, By Mode (Sea, Land, and Air), By Organizational Size (Large Enterprises, and SMEs), By Application (Product Traceability, Tracking and Visibility, Payment and Settlement, Smart Contract, Governance Risk and Compliance Management, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2025”.

 

Reshaping Key Areas

Blockchain's influence extends across critical facets of the transportation and logistics industry:

Supply Chain Management: The ability to track goods at every stage of their journey enhances supply chain efficiency. This transparency minimizes delays, optimizes inventory management, and streamlines operations.

Trade Finance and Payments: Blockchain's secure and tamper-proof environment simplifies trade finance processes, reducing the time and costs associated with cross-border transactions.

Digital Identity and Compliance: With the proliferation of regulations and standards, maintaining compliance is paramount. Blockchain can provide a secure platform for digital identities and certifications, ensuring adherence to industry standards.

Last-Mile Delivery: Blockchain's integration with smart contracts could revolutionize last-mile delivery. Packages could be automatically released upon arrival, improving speed and minimizing waiting times.

Charting the Path Forward

As blockchain continues to gain traction, it's crucial for businesses in transportation and logistics to understand its implications and harness its potential. With our in-depth market insights and analyses, we empower you to make informed decisions in this dynamic landscape.

Key Highlights:

·         In May 2019, leveraging SAP’s blockchain, Coke One North America (CONA) increased the efficiency and transparency of the gargantuan supply chain. CONA expects to reduce the duration of order-reconciliation from months to just days since it will now be able to view all transactions made by different bottlers on a distributed ledge.

·         In January 2020, IBM and Digital Asset Holdings (DAH) upgraded the Hyperledger Fabric. Developers can write smart contracts written in widely adopted programming languages, such as Go, Java, and Javascript that support Ethereum’s Solidity smart contracts language.

 

Impact of Covid-19 pandemic on market

The current COVID-19 pandemic is challenging the blockchain market in the short term. Blockchain can play a crucial role in accelerating digital transformation activities and initiatives amid this crisis. The technology can be used for public health data surveillance, crisis management, donation tracking, securing medical supply chains and others. According to the Organization for Economic Co-operation and Development (OECD), the market will see a slight slowdown, with decrease in technology spending by around 8% in 2020, as compare to the previous year. Governments and other corporate organizations are focusing on deploying innovative solutions to improve the customer’s experience.  This report will quantify the impact of a pandemic on the blockchain in transportation and logistics market.

 

Analyst View:

One of the emerging drivers for the blockchain market is the increasing adoption of the distributed ledger technology (DLT) system based on advanced analytics. DLT is a decentralized system that is used to record transactions with secured mechanisms and advanced data analytics. Services based on the DLT system help to trade and monitor via digital currency. With rise in the adoption of DLT systems and research services, the market is expected to grow in near future.

Competitive Landscape:

The prominent player operating in the global blockchain in transportation and logistics market includes IBM, AWS, Microsoft, SAP, Intel, Oracle, Bitfury, Cegeka, Earthport, Guardtime, Digital Asset Holdings, Chain, and  Huawei.

The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.

About Prophecy Market Insights

Prophecy Market Insights is specialized market research, analytics, marketing/business strategy, and solutions that offer strategic and tactical support to clients for making well-informed business decisions and to identify and achieve high-value opportunities in the target business area. We also help our clients to address business challenges and provide the best possible solutions to overcome them and transform their business.

 

Some Important Points Answered in this Market Report Are Given Below:

·         Explains an overview of the product portfolio, including product development, planning, and positioning

·         Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.

·         Detailed analysis of the market revenue over the forecasted period.

·         Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.

·         Study on the segments that are anticipated to dominate the market.

·         Study on the regional analysis that is expected to register the highest growth over the forecast period

Key Topics Covered

1.      Introduction

·         Study Deliverables

·         Study Assumptions

·         Scope of the Study

2.      Research Methodology

3.      Executive Summary

·         Opportunity Map Analysis

·         Market at Glance

·         Market Share (%) and BPS Analysis, by Region

·         Competitive Landscape

·         Heat Map Analysis 

·         Market Presence and Specificity Analysis

4.      Investment Analysis

5.      Competitive Analysis

To know more

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Prophecy Market Insights

Email- sales@prophecymarketinsights.com

 

 

 

 

 

 

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