Antonio Tejeda Encinas, CEO Europe, META Channel Corporation
Blockchain technology is emerging as a valuable tool for improving the management of goods and services transport.
Below, we describe four applications in the transport industry:
1. Transforming payments and dispute resolution: blockchain can overhaul transport payments by enabling secure, transparent transactions. Smart contracts would automate payment agreements, streamlining the process and reducing disputes. In addition, because information is stored immutably in a shared ledger, disputes would be resolved more efficiently.
2. Digitisation of documents and processes: adopting blockchain to digitise documents and processes could cut red tape and improve efficiency. A notable example is a Spanish initiative backed by Foro MADCargo and ALACAT, which combines blockchain and artificial intelligence to save paper and time in export procedures.
3. Temperature control in the transport of sensitive cargo: blockchain could address problems in transporting temperature-controlled products such as medicines. Combining IoT sensors with blockchain allows temperature conditions to be monitored continuously, ensuring that requirements are met and minimising losses.
4. Reliable load tracking: blockchain improves the reliability of load boards by providing tamper-proof records with verified timestamps, reducing errors in load allocation. One example is the Geotrack project, which uses ‘geoblockchain’ to improve logistics in the transport of goods.
However, implementing blockchain in transport faces challenges such as network scalability and interoperability.
