Product shipment accuracy with blockchain and bitcoin

From the morning cup of coffee to the power company, there are so many steps in the process that a single part can fail and cause an entire shipment’s worth of product to be held up. You can check bitcoin trader2 to start bitcoin trading with the right tools, trading strategies and guidance from experienced traders. However, it becomes a real problem when product costs increase due to shipping costs, and companies lose high-margin items because they didn’t arrive when promised.

Blockchain technology and bitcoin offer new opportunities for accuracy, security, speed and more trust between partners at every point in the chain with lower processing fees for merchants. With blockchain technology and bitcoin, companies can build trust between each other. As a result, companies have the right to manage their work more efficiently without the need for third-party intermediaries.

Blockchain and bitcoin to the rescue!

Previously, they had problems with delays in various parts of the chain. Also, their information was not secure and storage capacity was scarce. Today, everything is possible fast, secure and with high capacity in a decentralized manner without problems. It is so attractive that many companies are willing to invest in this technology. It has proven its worth in many ways and is becoming more critical as time goes on.

Blockchain and bitcoin eliminate supply-side risk during shipping by tracking the product’s origin at every step of the distribution process and ensuring that it has not been compromised. With a decentralized ledger, if a problem occurs along any point in that distribution process, it is recorded in an immutable way that is easily verifiable and cleanly traceable back to a single source. The visibility and transparency also gives consumers confidence in where their goods come from and what is in them.

Accuracy and Verification!

A nice side effect of these many supply chain steps is that each one can act as a checkpoint to verify the information before moving on to the next step. It can make it easy to verify both the provenance and contents of a shipment, which is a huge boon for any business that handles perishable or otherwise easily compromised goods that need to be kept in compliance.

If the shipping step has been responsible for the product being compromised, one can go back through the chain to find out when someone first broke the protocol and act on it. The shipbuilder’s name and address are stored in a blockchain instead of paper certificates. It will improve transparency for end customers who want to know where their luxury yacht comes from and how people made it. Transfer of rights can be automated and depreciation calculations, which saves time in administration processes.

Blockchain and bitcoin are immune to cyber attacks!

Cyber ​​attacks are becoming more sophisticated and frequent, and blockchain can be a way to keep data secure and tamper-proof. For example, the contents of a shipment can be encrypted with a public key before it is sent to the customer, preventing any tampering with the contents of the containers. In addition, the public key can only be decrypted using a private key held by the recipient, so there is no chance that an attacker would be able to access or modify data without permission.

Shipping companies are already using blockchain technology as a way to track shipments. For example, Maersk, one of the largest shipping companies in the world, has tested blockchain to track and verify shipments.

Banks are also using blockchain technology to track transactions in their networks more efficiently. For example, JP Morgan recently announced it was testing a blockchain to track bonds and other securities.

Use of smart contracts in the shipping industry!

The shipping industry includes many players. They are all intermediaries in the process and charge a lot of money for this. If a person sells goods to another, he should immediately know whether the other accepts goods or not and what amount he accepts.

Of course, this risk also means that the other person can reject goods for no reason, so in this case a sender loses money which can be thousands or tens of thousands. Refusing to buy is risky, but it happens, often wastefully. A buyer should state in advance how much they are ready to pay for the goods, and sellers should state how much they expect for their goods.

Using the smart contract, all terms of trade are listed on the blockchain and both parties sign it. In this case, we want a correct and transparent way to track shipments and make the business more efficient. It is difficult to say whether such a system is necessary, but it may be useful for large companies over time. So far, Blockchain technology has only been used by large companies, but it can easily be used by small ones who want to save money and time in business processes.

The companies that invest in this technology will become more efficient, with more resources and a simpler work process. People can use it in many ways, but first and foremost – it can help save time and speed up processes.

There is no need to create a new company or invent a new concept; it would be enough to use the existing opportunities and exploit them. Blockchain can make business more efficient because the steps in the supply chain can be made faster, more secure, transparent and reliable for all parties involved in the chain.