As online shopping continues to rapidly gain popularity, the logistics industry has been looking for new and exciting ways to streamline processes and increase efficiency. But with a number of technological advancements being made, could bitcoin and blockchain technology be the answer that is needed to aid in the completion of those goals? In this article, we will be providing insight into how the logistics industry can benefit from this technology in the near future.
The Implementation Of Blockchain Technology
Though the logistics industry is thriving at this time, there are a number of ways that the efficiency of parcel delivery companies and supply chains can benefit from blockchain technology. Whether this is the speed in which transactions can be processed or the level of security that companies will gain when completing overseas transactions, this will revolutionise the efficiency of the delivery service and will begin to cater to a wide range of customers when shopping online.
The Implications On International Sales
Though technology such as this can take time to implement correctly, this can benefit a supply chain when dealing with international shipments and payments as they can be processed significantly faster as a result. This can benefit international sales as items can be paid for using bitcoin allowing for a higher level of security without putting your company at risk. In addition to this, the decentralised nature of this currency means that the value is rarely affected by inflation, therefore meaning that payments can be made without either side losing too much money as a result.
Increased Security As A Result
Though no technology remains completely exempt from a cyber hack, blockchain technology can certainly help to securely store customer information and streamline processes. With every order being stored with its own unique hash, this can then be accessed quickly, allowing for pickers and shipping companies access to everything that they need to process the order and ensure that shipments are dealt with quickly. In addition to this, all information within a blockchain system is encrypted, this, therefore, means that you can determine whether or not the information has been tampered with in any way as well as monitor each transaction closely.
Reaching To Those That Don’t Bank
The final way that the logistics industry can benefit from incorporating Bitcoin is the reach that they will gain. With some shoppers not using a bank at all, the implementation of Bitcoin can cater to these audiences and therefore boost sales as a result. Though it will take time to implement a strategy such as this on a much larger scale, this will benefit your business when it comes to customer acquisition rates as you will the be catering to those that only bank in bitcoin or other alternative currencies allowing your business to grow.
Whether you are a start-up looking to expand your online store to cater to a wide range of customers, or you are an established business looking to modernise to cater to this new form of online currency, there are a number of ways that the logistics industry can benefit from the implementation of bitcoin and blockchain technology.