The blockchain technology promises to bring new forms of innovative management to the logistics industry in Italy, and this will help in getting rid of the traditional and centralized way of doing things, and further help in identifying and testing new organizational models and new ways of engendering value in this sector.
The transactions will be verified, recorded and coordinated independently without the involvement of third parties. Blockchain experts are planning of removing an entire level of complexity from global supply chains by the adoption of innovative technologies including blockchain, Internet of Things (IoT) solutions and the dissemination of Big Data.
Nevertheless, this technology is still embryonic and it still has a lot of challenges to first deal with before it can be fruitfully applied on a large scale within the many dimensions and a multitude of realities that differentiate the logistics industry. Perhaps the main challenge will be extensive adoption in this complex industry via teamwork and also antagonism between various supply chain stakeholders and other interested parties.
That the technology is very young but is being used in a wide range of activities, ranging from finance to energy, insurance to agriculture, production to retail, etc., shows that it will have a lot of potential and reach fruition in the near future.
This helps it to produce much efficiency plus fresh business models such as a quicker and leaner reading of international commercial logistics, higher levels of transparency and traceability within the supply chain, improved automation of business activities and a comprehensive review of document management developments and contracts.
Many projects have already started, which see implementing the groundbreaking technologies like blockchain to worldwide logistics, so as to produce added value via the transparency of the supply chain and the automation of administrative maneuvers. Blockchain is projected to be integrated with other innovations such as the internet of things, robotics, artificial intelligence, big data, smart contracts, which will intensify its sway in the coming years.
It is clear that the use of blockchain technology in the logistics industry is still very low, however, developers are considering integrating logistics processes with the distributed ledger tech, but the industry players need to work together to develop a system which will cause massive benefits other overall value chain, according to a multinational management consulting company Boston Consulting Group.
For Italian companies to implement large scale production solutions, more effort, technological developments, organizational transformation, collaboration amongst stakeholders is very essential. The industry will grow rapidly if participants decide to collaborate with each other and implement fresh techniques of creating significant logistic value.