You’ve probably heard about blockchain before. It’s the technology used for one of the most popular digital assets- bitcoin. But, while many people think that blockchain is only used for digital currency, it’s actually a groundbreaking technology that will change many industries. We at Four Winds Bahrain are always looking to utilize new technologies in order to make shipments faster, safer, and more transparent. And that’s where blockchain in freight forwarding comes in. It is set to bring a new revolution to how cargo is handled, tracked, and forwarded. Here’s how it works.
How does blockchain in freight forwarding work?
The use of blockchain technology first started with the cryptocurrency “Bitcoin”. And it’s what it’s most known about. But, it holds tremendous potential for use in many other industries and businesses. Blockchain is essentially a distributed database that contains records of events. All of which can be inspected by users. Both the freight forwarding companies in Bahrain, shipping agents, and end customers. But what’s truly great about blockchain in freight forwarding is that the underlying technology allows for unchangeable data with end-to-end visibility.
Blockchain allows for better transparency
The first and for some the most important aspect of blockchain technology is its transparency. From its early beginnings, the whole premise of Bitcoin was that it’s transparent yet private. How bitcoin works are truly groundbreaking. It allows for the transactions themselves to be public. And yet, you as a user remain private. It allows for files that can’t be privately changed to exist. And each user can have an insight into past transactions and changes.
What blockchain in freight forwarding means for you?
There are many benefits a customer can have due to the use of blockchain in freight forwarding. It doesn’t matter if you are an individual or a business. Having easy access to a complete record of where your cargo has been can be very convenient. For example, when working with moving companies in Bahrain. You’ll have much more transparency when it comes to the movement of your belongings. You’ll be able to precisely see where your cargo has been. And where it’s going. Even everything in between.
How can blockchain benefit businesses?
There are numerous ways in which blockchain technology will impact how we do business as well. And blockchain in freight forwarding will probably be the fist truly evident change. It will become much easier to keep track of items. And to have insight into where they have been. If you’ve ordered a shipment of temperature-sensitive items. That needs to go straight into climate-controlled storage Bahrain. You’ll be able to accurately see where they have been before arriving in storage. And predict whether or not they might have spoiled.
Blockchain will revolutionize freight forwarding
While the impact of blockchain technology is still minimal on the world business, its time is yet to come. You’ll start seeing more and more of it in the coming years. And shipping will be one of the first industries where you’ll see concrete benefits. Whether it’s to trach shipments, make payments, or track the history of the materials used for its manufacturing. No matter what the case is, it will improve how we do business and how we approach shipment tracking.