Blockchain Applications and Future Opportunities in Transportation

Abstract

Blockchain technology has the potential to revolutionize transportation as it can redefine and redesign entire transport management system by enabling more efficient business operations thereby increasing the profit margins. Blockchain-enabled platforms allow easier coordination of shipping/packing documents on a shared distributed ledger across transportation supply chain ecosystem, making manual data entry and physical paperwork mostly unnecessary and also reducing the counterfeiting of documents. Approvals and custom clearance can be quicker and more efficient and import/export processing times of goods can be expedited at customs checkpoints by using smart contracts. Typical learning outcomes of this topic are; (i) to understand blockchain application in transportation supply chain; (ii) to analyse the challenges and opportunities of blockchain technology in transportation industry.