Blockchain technology and Internet of Things (IoT) will provide an end to the cargo’s invisibility.
The global logistics market is predicted to reach $ 1,374 billion by 2023. This well established industry has historically depended on humans for overseeing inventories, organizing transport, dealing with materials and managing distribution centers – until now.
With the rapid advancement in technologies – AI, biometrics, IoT, NFC tagging, computerization and GPS – the global logistics industry is undergoing a streamlined method for working.
Here are some of the trends that will continue to change the logistics industry in the coming years.
Electric Vehicles (EV)
The EV market is set to hit $570 billion worldwide by 2025.
A 2015 Neilson study found that 66% of respondents are more likely to pay for an item or a service if the company behind it is in some way focused on saving the the environment.
There are three fundamental ways by which EVs will enter the logistics business: 1) traditional makers will either produce these EVs themselves, 2) they will invest in batteries for EVs, or 3) they will invest in new businesses that produce such EVs.
The digitization of logistics will enable clients to follow their shipments continuously, lessen inefficiencies and streamline tasks. Changing from a deep rooted strategy of following requests on paper to digital platforms will leave less space for blunders. Versatile application-based shipment, for instance, has made bookings easier and has also reduced human interactions. Soon, Robotics Process Automation can be used to offer total robotization across logistics.
Blockchain Technology and Internet of Things (IoT)
Businesses need supply chains to be transparent with the ability to constantly monitor freight locations and statistics.
Blockchain technology and the Internet of Things (IoT) can radically improve a corporation’s realtime insight into supply chains.
Blockchains will help improve security, decrease extortion, encourage consistent exchanges, upgrade precision and will take into consideration an accurate ledger of data.
IoT will empower a connected environment which will have a start to finish visibility, realtime inventory stats, and fleet tracking through digitally connected gadgets.
These gadgets will help track courses, look after calendars, screen vehicle utilization and cut down on vehicular personal time. IoT frameworks, through visual and acoustic sensors on fuel tanks and GPS will help change trucks into smart trucks. IoT can likewise be utilized for anticipating the times of delivery for every shipment and for preventative maintenance upkeep that will help keep breakdowns to a minimum.