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The Value of Blockchain Technology for Cold Chain Logistics

News posted on: 2018/11/12 2:42:53 - by Naomi - RFIDtagworld XMINNOV RFID Tag Manufacturer

The Value of Blockchain Technology for Cold Chain Logistics

The Value of Blockchain Technology for Cold Chain Logistics


What is a blockchain? In a narrow sense, a blockchain is a chained data structure that combines data blocks in a sequential manner in a chronological order, and is cryptographically guaranteed to be non-tamperable and unforgeable. Broadly speaking, blockchain technology uses blockchain data structures to validate and store data, use distributed node consensus algorithms to generate and update data, and use cryptography to ensure data transmission and access security, using automated scripts. The code consists of a smart contract to program and manipulate data in a completely new distributed infrastructure and computing approach.


The most important feature of the blockchain is the use of distributed accounting and encryption algorithms to ensure the security and uniqueness of multi-party transactions. These technologies make the blockchain have the following characteristics: first, decentralization and multi-party participation in supervision; secondly, the technical architecture has good stability and high reliability; and the record is open and transparent, and it is irreversible.


At present, the application of blockchain technology has been extended to many fields such as finance, medical health, education, charity, and social management. Bitcoin is one of the best known forms of blockchain technology. Many experts believe that the logistics industry is very suitable for the application of blockchain technology.


The Value of Blockchain Technology for Cold Chain Logistics

 

At present, the cold chain logistics monitoring technology is very mature, and the difficulty is the traceability of data in the supply chain. Because a product involves multiple companies (logistics companies, warehousing companies) in the logistics process, data exchange and exchange of companies in these chains is very troublesome. Without the integration of these data, retrospectives cannot be achieved. The blockchain is highly reliable for retrospective data logging. Trusted data is key to improving the efficiency of the entire supply chain. The application of blockchain technology in the cold chain logistics mainly solves the problem of data authenticity. Especially the temperature and humidity conditions affect the quality of the product, as long as there is a blockchain, these data can not be modified. With real data, you can reduce the cost of collaboration between partners.


In practice, blockchain technology has created value for the enterprise. For example, Wal-Mart successfully conducted a blockchain test of food traceability with the help of IBM. It used to take a few weeks to find the original farm of a mango accurately. After applying the blockchain technology, Wal-Mart completed the same query in just 6 seconds. There is also a Norwegian food company that sells salmon, which has built a new food safety traceability system through blockchain technology. In this process, because all the data of all parties are already on the chain, they can pass through the zone. The blockchain self-service smart contract technology enables automatic payment and settlement of supply chain finance, which greatly improves the efficiency of the entire supply chain.




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