Blockchain hype has reached epic, fever-pitch proportions in our world. Bitcoin - a well-known cryptocurrency - that runs on blockchain technology is always in the news whether good or bad. Blockchain has graced the cover of major periodicals in recent times, and it’s the common buzz term across many industries as the transformative technology that will disrupt the current world order.
At its core, blockchain is a new solution for an old problem in computer science. Blockchain is based on a decentralized, distributed ledger. Blocks of data are added to this global ledger in an ultra-secure and irrevocable manner by the community of computers known as nodes to obtain consensus and provide provenance. The result is a trustless network without the need for a central authority.
Blockchain offers new and exciting opportunities for many sectors of business such as the financial industry, the real estate market, and of course - global logistics. Many proponents of blockchain solutions for supply chain claim that the advent of blockchain functionality will usher in a new era of transparency, visibility, and fewer documents to go around to boot.
I participated in a first of its kind industry blockchain pilot in 2017. I see the long-term value and upside in the blockchain universe for BDP and our customers, but I am also the first to acknowledge that one does not need blockchain to eliminate paper documents or have full visibility of international shipments. Since BDP developed BDP Smart® over 10 years ago and through our continuous upgrades over the past decade, BDP Smart already offers shippers and partners in the supply chain end-to-end visibility. Most major trade lanes out there today do not require printed, original documents to be couriered overseas. Customers can easily pull their e-docs from the BDP Smart platform.
