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Blockchain technology can provide unique solutions regarding several of the problems that the logistics and shipping sectors are facing today. In fact, the global blockchain market might be worth more than $40 billion by 2025, which is why it is becoming increasingly vital for exporters, importers, and parties within the supply chain to truly comprehend what it is capable of.
The COVID-19 pandemic has more than demonstrated the current limitations of the industry, which, during the pandemic’s peak, had been facing a flood of unprecedented issues. The shipping volumes have been enormously stretched because of increases in demand for medical equipment, food, medicine, and other products. An increasing number of ports have faced shipping congestion, resulting in even more delays, unanticipated costs, and a global shortage of containers.
It is therefore becoming increasingly necessary to adopt a digital platform that could streamline logistics, allowing for the creation of an ecosystem that enables the seamless interaction of parties within supply chains.
The Digitization of Documents
There is quite a lot of documentation that goes into shipping procedures. This can include everything from commercial invoices and charterparties to letters of credit and bills of lading. These documents have…
