Antonio Tejeda Encinas, CEO Europe, Meta Channel Corp
Below, we describe four applications in the transport industry:
1. Transforming payments and resolving disputes: blockchain can revolutionise payments in transport by enabling secure, transparent transactions. Smart contracts would automate payment agreements, speeding up the process and reducing conflicts. Moreover, because information is stored immutably in a shared ledger, disputes would be resolved more efficiently.
2. Digitalising documents and processes: adopting blockchain to digitalise 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 formalities.
3. Temperature control in the transport of sensitive cargo: blockchain could solve problems in transporting products that require temperature control, such as medicines. Combining IoT sensors with blockchain allows temperature conditions to be monitored continuously, ensuring that requirements are met and keeping losses to a minimum.
4. Reliable cargo tracking: blockchain makes load boards more reliable by providing unalterable records with verified timestamps, reducing errors in load allocation. One example is the Geotrack project, which uses ‘geoblockchain’ to improve logistics in the carriage of goods.
However, implementing blockchain in transport faces challenges, such as network scalability and interoperability.
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