Add value to your port logistics in terms of trust, visibility and network expansion while ensuring safety.
Challenges Faced by the Port Management-
In this digitally ever growing world, the port logistics and supply chains require a secure system that provides improved efficiency. The major issues faced in the logistics field include lack of security, sharing of data, document approval, and the inefficient handling of goods and containers throughout the supply chain. It also includes the ineffective management of documents. In ports, when the cargo switches from one transport to the other, security, visibility and real-time access to the data is of massive importance. The manual processing of all the documents, transportation information and other paper works related to shipment generates redundant data and may take an unpredictable amount of time which further reduces the transportation efficiency of goods. Hence, it is important for all the logistics industry to digitalize port management.
Blockchain definitely is the solution for all these problems as it plays a key role in digitizing port logistics. With its powerful features, it builds trust and transforms port processes such as documenting, validating and securing data.
MSRcosmos, with the help of blockchain technology, helps add value to your logistics by transforming your port operations digitally. All the process, right from document approval to product safety is transformed and made seamless. The document approvals are in the form of a time-stamp which shows all the details including the exact time, status and condition of the transaction. The entire transaction history will be visible to all the parties and with the feature of immutability, no unauthorized party will be able to make changes in the data or on the transaction. Blockchain is mainly used for security reasons within the port area. It can play a major role in preventing cargo theft as it requires digital approval from the blockchain ledger (a database that is shared across multiple sites) in order to proceed with the pickup of cargo. Only after receiving approval using a QR code or etc., a driver will be able to carry the container.
Traces goods more efficiently:
Provides the current location as well as the condition of the product. The freights and products can be easily tracked using a QR code provided to each product. Thus making the transactions safer and transparent
Ensures security and prevents theft:
With the immutability feature of blockchain, no information can be lost or replaced. Protects your supply chain data from cyber-attacks as no third party or unauthorized party will be able to modify the data or transaction. Every operation will require digital approval from the partners without which no operation will be proceeded.
Increased visibility in the supply chain:
Provides an overall view of the supply chain facilitating an easy exchange of information between organizations leading to increase trust among all the involved parties.
Process automation and efficiency
With the help of smart contracts, less manual work and no paperwork, all the document related work and agreement conditions are automated, without any human intervention and error.
Saves time as well as cost:
Blockchain develops a synchronized communication among partners which further constructs a streamlined process. This leads to reduced redundancy, few to no delays, shorter lead times, cost optimization and makes your supply chain efficient.
Provides real-time access to data:
Collects time-stamped data from all points of the supply chain and make it easy for the partners to access, share and synchronize critical information.
With increased automation, reduced processing time, transparency, trust and security, the transaction speed is increased and the costs involved are reduced. Thus, allowing a smooth trade finance process.