Blockchain is a shared, distributed ledger that facilitates the process of recording transactions and tacking assets in a business network.
Products across the supply chain can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved .
The logistics field is enjoying a new level of transparency as a result of achieving this single truth of the status and location of goods.
For example, when an export consent document is created for a trade bank or government, the exact same documentation format is used from end to end, making fraudulent annotations difficult or impossible to insert .
If there are any discrepancies, the import bank can withhold payment until the issues are resolved. With the huge volume of transactions in international trade, this streamlining is a big deal.
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