Logistics Firms in India Bet on Drones, Cloud, IoT, Blockchain: Report

Indian logistics companies are turning to blockchain technology and a host of other innovative technologies to improve industrial processes, according to a report by HERE Technologies.

The report, titled APAC on the Move, sheds light on the operations of logistics firms across the Asia Pacific region, noting the impressive leaps the industry has made in the face of daunting challenges. India’s ecosystem was identified in the report as leveraging blockchain, drones, cloud technology and the Internet of Things (IoT) to drive industry growth.

An estimated 33% of Indian logistics companies confirm that an investment in blockchain will provide “better end-to-end asset visibility” for tracking shipments. Others believe adding a mobile asset tracking solution and investing in cloud technology will be the key to growth.

However, the local ecosystem is plagued by the challenge of finding the right technology partners to deliver infrastructure services. Given the new nature of the technology, Indian logistics players are often stumped on the best ways to get started with blockchain and other innovative tools.

A large proportion of surveyed firms stated that they are looking for “turnkey solutions” that can be implemented without the requirement to overhaul their existing systems. Currently, logistics costs account for a staggering 14% of India’s GDP, making sweeping changes critical to the industry’s long-term survival.

Apart from the slow march of blockchain adoption by logistics firms, Indian regulators are set to introduce the National Logistics Policy (NLP), a framework with the potential to reduce logistics costs by 4% by 2030.

“With NLP driving greater technology adoption, location technology will serve as a critical tool to empower a unified logistics interface, which is one of the steps under NLP to connect disparate data sources and provide cross-sector use cases for logistics stakeholders.” said Abhijit Sengupta, Chief Business Officer at HERE Technologies.

The report surveyed over 1,300 service providers across Australia, Japan, Indonesia, Malaysia, China, Thailand and India.

India’s Blockchain Affiliation

India has made public its blockchain ambitions in several statements by key officials, including Finance Minister Nirmala Sitharaman and Reserve Bank of India (RBI) Governor Shaktikanta Das. At the end of 2022, Sitharaman revealed that the country is moving towards a 46% adoption of blockchain and has already started implementing it across several sectors.

In January, New Delhi officials announced they were using blockchain in their Forensic Science Laboratory (FSL) to improve forensics, while the country’s leading think tank NITI Aayog launched a DLT learning module. Maharashtra, one of India’s economic nerve centers, is relying on blockchain to improve its land registry processes.

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