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Blockchain is a term that has become synonymous with several industries, and the supply chain management industry is one of them.
The development of blockchain technology is massive, and the World Economic Forum report suggests that by 2025 around 10% of total GDP will be stored on the blockchain.
One of the reasons for this immense growth is the superior functionality of blockchain and its simple implementation in various sectors. The existing freight industry functionalities are outdated and rigged with inefficiencies.
However, LaneAxis has developed a unique solution to these problems using blockchain technology and is already generating excellent results. Let’s take a quick look at how Blockchain can support optimal supply chain management for new world challenges.
Implementation of Blockchain in Supply Chain
LaneAxis is proving that blockchain can revolutionize the supply chain industry by offering robust services. Some of the benefits of blockchain in the supply chain are:
- Improved Visibility
All transactions related to transferring goods are recorded on the blockchain, which cannot be edited and is publicly visible. The transaction will record all the parties involved, the state, price, and quality of the product along with the location and date of the transactions. This information will ensure data integrity and can be used for future purposes.
- Elimination of Errors and Faster Response
Blockchain operates in real-time, and the information is available to all parties at the same time. Shippers and drivers can then make informed decisions based on the information and minimize errors and offer quick responses
- An Updated Database
Blockchain can help in creating and managing a well-detailed database about shippers, drivers, truckers, and all the third parties involved in the supply chain. This database is extremely useful as it can help shippers and drivers choose only reliable assignments and avoid any complications.
The LaneAxis Network
LaneAxis is the world’s first broker less direct freight network in the US that connects shippers directly to the carriers eliminating the need for intermediaries. The company is powered by its patented software, blockchain technology, and artificial intelligence.
There is no shred of doubt that the existing freight network is unreliable and is in instant need of remodeling. LaneAxis has taken up this responsibility to optimize the supply management chain and give the power back to shippers and carriers.
The main Unique Selling Propositions (USPs) of LaneAxis include:
- Brokerless
LaneAxis removes all intermediaries by creating a platform where shippers and carriers can interact directly. Third parties such as freight brokers are expensive and often dishonest.
- Direct
LaneAxis allows shippers to post their requirements on the Freight VISION app where carriers can bid to get the consignment.
- Scalability
LaneAxis will accommodate the increasing demand of the freight industry by systematically and strategically improving its operations and expanding the network.
Both Shippers and Carriers will benefit from LaneAxis in multiple ways.
For shippers
- LaneAxis automates contracts and carrier management.
- Shippers can view the status of their shipment and all the documents corresponding to it in real-time.
- As LaneAxis is powered by blockchain, it is reliable, quick, and secure.
- LaneAxis uses AI to identify available capacity and allocates it automatically.
- As the majority of the processes at LaneAxis are automated, it reduces the overhead costs significantly.
- All carriers are scored based on their performance, and the shipper can choose the trucker that best fits their requirements.
For truckers
- Truckers can bid on the requirements posted by the shippers directly.
- The payments are processed instantly and deposited into the carrier’s account within 24 hours of a successful delivery.
- LaneAxis simplifies the process of fleet management and regulatory compliance.
- Easy to use interface that does not require prior blockchain knowledge.
- Lower overhead costs as no intermediaries are involved.
LaneAxis is a disruptive platform that with the help of its patented technology, Artificial Intelligence and blockchain is transforming the freight industry for good.
The post How Blockchain can Support “New World” Supply Chain Management appeared first on BeInCrypto.
