Blockchain Data Management & Global Logistics Market
With globalization and the increased consumption of various products worldwide, efficient supply chain management and the role of freight and logistics has become increasingly complex.
The global logistics market involves all activities of Supply Chain Management (“SCM”), including transportation, warehousing, inventory management, and the flow of information and order processing.
As previously published by Transparency Market Research, this market is estimated to reach US $15.5 Trillion by 2023.
Multi-national global logistics and freight companies such as FedEx, UPS, and Purolator have openly acknowledged their endorsement of blockchain technology, with all three joining the Blockchain in Trucking Alliance (BiTA), noting that it will bring efficiencies to their industry through consistent, transparent and immutable data.
“We’re quite confident that blockchain has big, big implications in the supply chain, transportation, and logistics,” FedEx CEO Frederick Smith said at the Consensus 2018 conference.
On their company’s press release, Linda Weakland, UPS director of enterprise architecture and innovation, said: “Blockchain has multiple applications in the logistics industry, especially related to supply chains, insurance, payments, audits and customs brokerage.”
Tied to global logistics, South Korea has one of the world’s highest e-commerce rates, however, they have lagged in keeping pace with warehouses and distribution centers. As such, as reported by the Wall Street Journal earlier this year, there has been a wave of investment into high-specification logistics projects across the country, both by the South Korean government through incentives and into Korean logistics properties by institutional investors such as the Canada Pension Investment Board.
Graph Blockchain Solutions
With the growth of this sector as a tactical objective, Graph’s foray into the global logistics industry commenced with providing solutions to divisions of Samsung and LG corporations. Both companies are South Korean based multinational conglomerates, known to be the world’s largest manufacturer of mobile phones and smartphones, and the world’s second-largest television manufacturer, respectively.
By participating in the development of technology that could revolutionize logistics for multi-nationals, Graph has secured a solid position with the goal of becoming a leading solution provider in the sector, focusing on building a global logistics eco-system wherein the graph blockchain solution would reduce downtime by providing real-time monitoring, tracking and business intelligence analytics.
This will enable companies to realize cost savings by mitigating delays and minimizing the impact of lost goods due to cargo theft and fraud, while at the same time driving efficiencies across their SCM.
Read more at Graph Blockchain Solutions Targets $15.5 Trillion Global Supply Chain Management Logistics Sector
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