In the world today, humanity is more connected than ever before. We are all dependent on transportation networks, as well as logistical services and their vast network of supply routes. In 2020, we’ve seen a lot of unprecedented stress being put on logistical routes that worked fine up until now.
Without long queues at the border, health checks, and quarantined areas, there was no need to change.
Blockchain Can Improve Transit Times
Artificial intelligence (AI) and blockchain technology will be key to enhancing Australia’s transport sector, according to a new report published by the Sustainable Built Environment National Research Centre (SBEnrc).
Based at Curtin University, SBEnrc produced its report in conjunction with the university’s Big Data and Smart Analytics Lab.
It identifies a range of benefits from adopting blockchain and AI, including road cost, time savings, improved operations, improved user experience, and improved freight and logistics.
According to Dr. Charlie Hargroves of the Curtin University Sustainability Policy Institute, it’s not just Australia’s food industry that stands to gain from hopping on the blockchain train.
“The report shows that the International Data Corporation anticipates that spending on Artificial Intelligence will reach US$57bn by 2021 and according to the World Economic Forum by 2027 some 10 percent of global GDP will be Blockchain-based. It will be important for industry and government to understand the unique opportunities that these technologies present”.
Although tracking numbers have certainly been around for a while, blockchain can guarantee the accuracy of all information pertaining to a package. Did it travel through a restricted area, like much of Italy was during the spring of 2020? Has the weight of a package been reduced during transit, pointing to a theft? Were the bay doors opened?
All of these and more can be tracked via blockchain without the possibility of tampering, ensuring the integrity of a package.
In the case of public transport, blockchain could ensure a vehicle’s safety record is kept up to date.
In the case of a manufacturer looking to sign a contract with a carrier, the driving records of the carrier’s employees could have an influence on the outcome.
Although records are already kept, the number of companies involved can cause delays when all data must be compared and verified. Blockchain could easily remove the red tape.
As the Australian government continues to invest in Blockchain technologies, it’s not a stretch to imagine that the improvements imagined by SBEnrc will be put into practice in the near future.