siliconindia | | December 20199network. Moreover, if anyone tries to access this in an un-authorized way or tries to make changes, the time-stamped details about the attempt are recorded. Hence, it also helps supply chain entities in detecting any suspicious activity at immediate. 3. Encoded Information Means No Discrepancies: During a Connected Fleets Conference that took place last year in Atlanta, it has been brought into the limelight that about $140 billion get stuck-up in disputes in the transpor-tation industry every day. A sort of blame game goes on and on between the supply chain participants about the exact amount of the consignment. In such a case, smart contracts based on blockchain come to great use as many people be-lieve it will be replacing lawyers! A smart contract is a computer code that runs on block-chain with a predefined set of rules or conditions on which two or more parties enter into a mutual agreement or trans-action. As soon as the conditions are met, the agreement or transaction is enforced automatically. These conditions cannot be modified at any point in time, but only can be met. Unless these conditions are met, the transaction will not be done. Therefore, blockchain establishes trust among the parties and eliminates such frauds or risks. A recent example of blockchain in ocean freight is IBM's Tradelens Blockchain Shipping Solution. Devel-oped in order to facilitate more efficient and secure global trade, this blockchain enabled solution will digitize the sup-ply chain workflows and enable the end-to-end real-time shipment tracking.Unblocked Opportunities: The digital transformation of the business and the proliferation of e-Commerce are creating unique challenges for the brick & mortar estab-lishments, but for logistics companies, they are the true Messiahs. On the one hand, blockchain is bringing unprec-edented business opportunities to the sector; its effective utilisation is also detrimental in reducing the transit time. All in all, blockchain is going to be a desired blessing for the logistics companies in the future. The digital transformation of the business and the proliferation of e-Commerce are creating unique challenges for the brick & mortar establishments, but for logistics companies, they are the true Messiahs
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