Challenges faced by the logistics industry
Slow and costly payments
Transnational payments are fraught with delays and high fees. Where multiple parties are involved, payments become intractably complex.
Administration costs
Maersk and IBM state that transportation management can account for up to 20% of total costs because of unwieldy legacy systems.
Transportation damage
According to FreightWaves, sensitive loads can be damaged by environmental fluctuation, which ruins 8.5% of pharmaceuticals in transit.
Transportation dispersion
Most trucking firms have 6 trucks or even fewer (as per ATA). In the US, truckers drive 29bn miles a year with totally or partially empty trucks.
Supply chain complexity
Maersk reports that an intercontinental refrigerated shipment typically passes through 30+ organizations and requires 200+ communications.
Long dispute resolution
TransRisk states that every day, $140bn is tied up in disputed payments, with an average wait time for resolution of 42 days.
Meet OLWay: a blockchain-based solution for supply chain, logistics, and IoT
OLWay is a platform where you can connect with your clients on a decentralized network, store supply-related info in an immutable database, and integrate with IoT sensors for tracking shipping data (temperature, humidity, barometer, luminosity) all the way to the destination.
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Internet-of-Crops Platform:
an IoT-based solution for tracing cereal supplies
Aetsoft implemented blockchain technology in Centaur AG’s Internet-of-Crops Platform, an agriculture logistics solution for tracking the provenance of crop supplies. Every asset in a supply chain is connected to IoT trackers and has a unique ID recorded on an immutable, hack-proof distributed ledger.
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Blockchain solutions for logistics from Aetsoft
Rapid and secure payments
Get multiparty transnational payments, without fees or delays, powered by trustless blockchain-based tokenization.
Automated administration
Provide secure, immutable, and accessible records, with transactions recorded on a blockchain.
Transportation management
Ensure end-to-end environmental, handling and storage controls for each item and shipment.
Dynamic load management
Manage load across fleets and trucking companies with multiparty self-executing contracts.
Self-managing supply chain
Let multiple parties automate communication, verification, and transfer through blockchain record and smart contracts.
Instant dispute resolution
Eliminate or instantly resolve disputes using rule-based, pre-agreed smart contracts linked to an immutable, blockchain-based record of events.
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Contact usBlockchain applications in logistics
Use case 1. Transportation transparency
Currently
Transportation flows remain mostly shady procedures, with opaque, and thus hardly traceable records accompanying every step of product logistics.
With blockchain
An immutable, tamper-proof blockchain system establishes complete data transparency, with every data asset visible and self-maintainable across the entire transportation flow.
Use case 2. Automated deals
Currently
Contractual relations between manufacturers and suppliers involve third parties that only add costs, friction, and delays to settlements.
With blockchain
Thanks to blockchain-enabled smart contracts, agreements become autonomous and self-executing once the agreement terms are met.
Use case 3. Consistent data validation
Currently
Current enterprise systems fail to provide complete authenticity of logistics data, often leaving recorded assets vulnerable to manipulation.
With blockchain
With blockchain, the entire network can validate data through consensus, thus, minimizing fraud risks within the system.
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