The world is run by trade. Freight and logistics in the U.S. alone account for nearly $1.5 trillion annually (2015 data). As the world’s economies scale up, that number is only expected to increase as we become more dependent on the international supply chain for our goods and services. The industry, however, is not prepared for growth, as it currently sits on top of a crumbling infrastructure prone to systematic inefficiencies and rampant fraud. Countless intermediaries rake in fees and drive up the price of shipping. The problem is that the complexity and opaqueness of the process make it difficult to put checks and balances in place.
Most recently, UPS announced they were going to join the Blockchain in Transport Alliance (BiTA), a forum for the development of blockchain technology standards and education for the freight industry. The alliance hopes to spur standards development for the shipping industry as a whole by implementing a secure blockchain system. Why now? Why is UPS, along with hundreds of other major companies, betting on blockchain? The answer: They want to be a part of the revolution. They want to play an instrumental role in developing the smart logistics network of the future.
Read more on this here...The blockchain technology can be changing so many industries and businesses in the coming months and years. All of this adoption of the blockchain technology by big companies is showing us how valid and how effective is this gift from the man named Satoshi Nakamoto. And this is just the tip of the iceberg and soon there would be more good news around this area. Thanks to Satoshi, we can be experiencing a better world in so many ways because of the blockchain -- the top buzzword of the year and maybe even in 2018.
