Blockchain Freight Management Solution: Game Changer For Supply Chain Industry

By RisingMax

July 19, 2023

Blockchain Freight Management Solution: Game Changer For Supply Chain Industry

The supply chain industry is regarded as the backbone of a country. However, the changing economic scenarios and technological advancements are pushing freight companies to adopt new-age technology and become more efficient. As the industry struggles to improve and meet expectations, the blockchain became a game changer for the sector.

Implementing blockchain technology allows supply chain companies to create a secure ecosystem for buyers, sellers, and freight providers to share information. Blockchain freight management software can efficiently manage everything from real-time shipment status to payment transfer, paperwork, and other processes.

Ready to build a blockchain-based software solution for your freight business? Then, connect with our experts at RisingMax Inc. and discuss your blockchain solution needs. Book an appointment with our experts and start your digital transformation journey today!

What is Blockchain-based Freight Management Software?

Blockchain freight management software assists freight businesses in streamlining and managing various processes like shipment tracking, proof of origin, bill of lading, storage status, etc. Integration of blockchain technology allows the software to digitally record all the information on a decentralized ledger and increase data sharing speed.

The freight management software is perfectly capable of tracking the transfer of goods via road, air, and ocean. Implementation of blockchain-based freight management software empowers businesses to reduce error, save time, real-time track shipment status, swiftly share information, automate payment, and increase transparency.
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Facts and Statistics Related To the Blockchain and Logistic Industry

Freight and transportation businesses worldwide are implementing blockchain-powered solutions within business processes. Within a short period of time, there is a surge in the demand for custom blockchain software freight and supply chain solutions.

Let’s have a look at the statistics and facts related to blockchain and the logistics industry.

  • During the period of 2023-2027, the blockchain technology market in the transportation and supply chain industry is projected to reach 2230.89 million US dollars at a CADR of 39.78%. (Research and Markets)
  • With a staggering CAGR of 52.30% (2022-2030), the blockchain technology market in the supply chain is projected to reach 16.67 billion US dollars by 2030. (Globe News Wire)
  • Blockchain technology demand in the supply chain management market will cross the 3153.7 million US dollar mark by 2028 at a CAGR of 51.3%. (PR News Wire)
The above market trends and future growth forecast clearly indicate the global adoption of blockchain technology by transportation and freight companies worldwide.

Follow the market trend and join the ongoing blockchain adoption revolution in the freight industry with us. We help you design a blockchain-based freight management solution that is at par with current technology standards and assist you in setting the first foot right in the tech space. Schedule an appointment with our experts and discuss your blockchain freight software requirements today!

Challenges Freight Companies Are Facing Worldwide

If you are looking for an answer to what led to the mass adoption of blockchain-based freight management solutions. Then, we first need to understand the pain areas that freight businesses are facing worldwide.

Have a look at the major challenges of freight and supply chain businesses

Slow Payment Settlements and Disputes

A recent report suggested that supply chain businesses face slow payment settlement delays of as many as 42 days. Further, it was reported that around 140 billion US dollars a day get struck due to payment disputes and slow settlement rates. These hefty losses can otherwise be utilized to improve the overall supply chain infrastructure and service improvement.

High Transaction and Processing Costs

The freight and supply chain industry relies heavily on paper transactions for payment settlements and the movement of goods from one place to another. Further, the high transaction and processing costs make the overall process more costly.

Real-Time Temp Monitoring

It is crucial to maintain a predefined temperature during the shipment of goods such as pharmaceutical products. Due to temperature variation, there are instances of many pharmaceutical products getting wasted during shipment. According to reports, the supply chain industry loses $35 billion annually due to failure to meet temp requirements and real-time temperature monitoring.

Partial Or Empty Truckloads

More than 90 percent of freight shipping companies have less than five or six trucks. Due to this, it’s common in the shipping industry to carry partial or empty truckloads from one place to another throughout the year. Thus, results in a loss of millions of dollars yearly due to mismatching of truckloads and a rise in the shipment cost for the customer.

Information Sharing

Slow sharing of information between different parties, such as customers, freight forwarders, buyers, and suppliers, results in data silos, which hamper the overall process. Real-time sharing of information becomes difficult due to dependency on different parties involved and centralized sources of information.

Benefits Businesses Can Expect From Blockchain-Based Freight Management Software Development

Improved Transparency

Implementation of blockchain-based solutions brings its inherent properties like transparency and security within the system. Our blockchain freight management software allows different stakeholders such as buyers, suppliers, and freight owners to gain valuable insights and get real-time shipment updates.

Enhancing Efficiency

Investing in blockchain-powered solutions paves the way for the implementation of improved delivery tracking software. Supply chain companies and freight service providers can leverage these software solutions to monitor and analyze delivery processes. 

Elimination of intermediaries results in swift sharing of information, better communication, and enhanced transparency in payment processes. Thus, empowering supply chain companies to efficiently utilize their resources, and faster and more cost-effective shipment delivery options.

Secure Information Sharing

Implementation of blockchain technology within freight and supply chain processes allows businesses to break the data silos and swiftly share valuable information. Blockchain-based freight management solution makes it easy for all the stakeholders involved to access the information and get real-time system updates securely. 

Further, the information stored on decentralized blockchain networks can’t be removed or manipulated, thus ensuring sharing of secure information.

Are you looking for a reliable Insurance software development service provider?

Well, you are in the perfect place. RisingMax Inc. is well known for its futuristic and customized Blockchain Freight Management software designed to help Freight Management businesses explore the potential of blockchain in Freight Management.

Get In Touch With Us

Automating Payments

With blockchain freight management software, transport, and supply chain businesses can automate payment settlements. This is done with the help of smart contracts, which are self-verifying and self-executing in nature. Automating payment settlements allows transportation businesses to address the slow payment settlement issue and streamline the flow of funds.

Real-time Shipment Monitoring

The implementation of blockchain technology allows transportation and supply chain businesses to monitor shipment location, temperature, and load. Leveraging this information, businesses can reduce the movement of trucks with partial or empty loads. Effective monitoring and management of shipment load allow freight service providers to offer cost-effective shipment options and minimize the wastage of resources.

Enhanced Tracking

Certification of origin (CO) of shipment is an important document in the shipping and transportation industry. Integration of RFID tags or IoT sensors within the shipment and monitoring them with freight management software solutions make it easy for businesses to provide proof of origin of any shipment. 

Sharing this information with relevant authorities results in streamlining clearance processes and swift movement of goods from one place to another with real-time tracking.

Role-Based Information Access

Although blockchain-based freight management solutions provide seamless information sharing with stakeholders, it will provide role-based information access. Only those with relevant credentials and authorities can real-time access the information and take necessary actions.

Improved Asset Management

More than ninety percent of freight shipping companies have less than five or six trucks in their fleet. Investing in blockchain-based freight management software allows shipping providers to effectively manage their fleets and resources for maximizing returns and improved asset management.

Easy Technology Integration

Blockchain-based freight management solutions can be easily integrated with other technologies like IoT and RFID to enhance capabilities and offer better results. IoT-based sensors are effective in monitoring and real-time tracking of temperature levels during shipment. Whereas RFID tags can be attached to a specific item or shipment for real-time tracking of shipment location.

Globally Recognized Supply Chain & Logistic Companies Implementing Blockchain-Based Solutions

The promising future of blockchain technology has attracted many big players to invest and build software solutions as per business needs. The benefits of blockchain-based freight management software, such as efficiency, transparency, flexibility, and security are why globally recognized supply chain and logistic companies are implementing blockchain-based solutions.

  • Mediterranean Shipping Company
  • FedEx
  • Maersk
  • ZIM
  • Yojee
If you own a supply chain or freight business, then following the footsteps of big names in the industry can take your business to new heights. We help you design a blockchain-based solution as per your business requirements and needs. connect with our experts to implement solutions based on cutting-edge technologies.

Blockchain Freight Management Software Development Process We Follow

We are well known for creating outstanding blockchain-based solutions for our clients worldwide. And the secret lies in the agile development process we follow. Here’s an overview of the blockchain freight management software development process we follow that enables our team to meet and exceed clients’ expectations. Our software development starts with the following;

  • Requirement Gathering
  • Requirement Analysis
  • Project Roadmap
  • Project Development 
  • Testing
  • Deployment
  • Maintenance & Support
Blockchain Freight Management Solution

Why Choose RisingMax Inc. For Blockchain-Based Freight Management Software Development?

Our team has a decade-old experience in assisting businesses worldwide to implement next-gen technologies and start their digital transformation journey. Here’s why we are the right choice for blockchain freight management software development.

  • Unmatched blockchain expertise.
  • Hand-on blockchain software development experience.
  • Innovative supply chain solutions
  • Transparent pricing policy
  • Tailored blockchain solutions
  • Flexible hiring options
  • Cost-effective post-deployment services.
Implementing of blockchain-based freight management solution might seem like a complicated task, but our experts will guide you at every stage.

Still have some unanswered queries, connect with our blockchain expert team and discuss queries today!

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