Blockchain is poised to improve inefficient communication methods in supply chain and logistics

NEW CHART: Transportation and Logistics Supply chain and logistics companies heavily rely on inefficient communications methods — here's how blockchain can change that… Access Full Chart Data → * This chart and data was exclusively delivered to Business Insider Intelligence subscribers. You can get access to this chart, our daily newsletters, and other timely updates when you sign up today. Communication along the supply chain is still largely reliant on inefficient methods, such as email, phones, and even fax, according to findings from the Council of Supply Chain Management Professionals (CSCMP), BluJay Solutions, and Adelante SCM. Using inefficient, manual communication methods for passing along information or data can lead to significant issues. Manual methods are prone to human error by both the sender and receiver, as data needs to be formatted to work with the receiving party's systems. This opens up the likelihood of delayed shipments, costly data entry errors, and a lack of transparency down the supply chain. Unfortunately for supply chain companies, even some of the more automated methods of communication come laden with issues. Over a third of respondents (35%) stated that they use electronic data interchange (EDI) systems to exchange information with partners. However, data in an EDI system goes out in timed batches rather than in real time. One technology that could improve access to and movement of information in supply chains is blockchain. Blockchain is a secure, immutable, distributed ledger technology designed to transmit information between multiple parties. In the supply chain, it could be used to augment sensors — such as RFID tags or IoT devices, for example — to automatically send unalterable information to all partners at predetermined points or times. Subscribe risk-free to view the full analysis Here's a summary of what you'll receive when you subscribe to Business Insider Intelligence today: Over 275 immediately accessible research reports and data-sets. At least 12 new Transportation and Logistics reports over the next 12 months, including The Blockchain in Supply Chain Report. Insightful newsletters and charts about everything important taking place within the transportation space. 14-day money back guarantee period so you can access all of the above risk-free! Other chart highlights you don't want to miss Logistics is pining for robotic disruption, and companies are moving in — here's how Honeywell Robotics is wading into the space Rising e-commerce volumes are weighing heavily on the logistics space… Access Full Chart → Consumers anticipate enjoying offline and low-tech activities in AVs — automakers should incorporate these preferences into designing vehicle interiors Despite the plethora of in-car experiences that will be enabled… Access Full Chart → These are just a few of the charts made available to Business Insider Intelligence subscribers. Subscribe to Business Insider Intelligence today and you'll have instant access to 100s of charts like these, daily briefings in seven key coverage areas, and a members-only Research Center filled with insightful reports. Sign up Risk-Free Today Copyright © 2019 Business Insider, Inc. All rights reserved.

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