Blockchain technology is set to transform transportation industry by its unique features like – security, immutability, decentralised system, performance and reliability. The adoption of Blockchain technology in transportation industry has significantly increased in recent years. Blockchain in Transport Alliance (BiTA), a member-driven organization is encouraging the adoption of blockchain within the logistics industry. To understand more deeply, I am with Transport Hub CEO Rohit Chaturvedi to discuss the use of blockchain technology and how it is transforming the transportation industry.
CXO VOICE: How is blockchain technology being used in transportation industry?
Rohit Chaturvedi: Blockchain technology can be used in the transportation industry in a number of ways . The usages are restricted only by imagination. Few ways in which the technology can be used are Smart Contracts- the contracts which will execute themselves on meeting the conditions precedent, tracing the provenance of goods, tracking and tracing goods, cargo protection and many more.
CXO VOICE: Can you explain how blockchain technology works?
Rohit Chaturvedi: In layman’s words blockchain is series of transactions with unique history behind it in a way that history cannot be altered. Current transaction’s authentication is not only dependent on the transaction but also the history. Of course , someone need to approve the transaction based on in its current state and the history, which is done by majority of participants called nodes thereby validating the authenticity. The technology utilizes cryptography and intelligent design.