What if there were a way to track a shipment from the moment it leaves the factory to the time a package arrives at a customer’s doorstep, all without legacy computer systems, handwritten paperwork, or other annoyances of the current shipping process?
Well, now there may be. A company called Shipchain has harnessed the power of blockchain technology and applied it to the most necessary business function of supply chain management; namely, tracking packages from production to consumption.
The company ran a pilot program with Perdue Farms earlier this year to critical acclaim and great success and is now ready to bring the company to the public.
Furthermore the company’s management team is led by serial entrepreneurs and well-known supply chain management industry players including the former CEO of DHL Roger Cook, Kevin Harrington, who was a shark on the hit television show Shark Tank, John Monarch, Simon Bogdanowicz, Brian D. Evans, Joel Comm, Justin Wu, and Brandon T. Adams just to name a few.
Shipchain has introduced a fully integrated supply chain tracking solution that maintains visibility of shipments throughout the entire shipment process. It works with any shipment method and can integrate with most transportation management software (TMS) systems.
The main technology that Shipchain takes advantage of is smart contracts, which is arguably the most important feature of blockchain technology. Smart contracts write the rules of an agreement in code and when the conditions of the contract are met the contract automatically executes. Sort of how it is done now but completely automated.
Furthermore, smart contracts on the blockchain eliminate the need for a trusted third party to act as an intermediary between any of the parties involved in the contract at any step.
Put it all together and Shipchain has leaped ahead in the race to create an efficienct, reliable, accurate, and extremely low cost method of tracking shipments from the factory to the doorstep. The technology provides visibility, accountability, and security through the entire process.
Though lots of companies are looking at ways they can adopt technology, not many have carried it to the level of Shipchain. The company immediately identified the importance of the technology and has proved to be a frontrunner in the field to this point.
Earlier this year, Shipchain joined the Blockchain in Transport Alliance (BiTA) and has served as a leader in helping to build out the standards for technology in the transportation industry.
Stay up-to-date with the latest commentary and insights on FreightTech and the impact to the markets by subscribing.
