Following on from the Ethereum and Hyperledger projects, the Proxeus technology has successfully been leveraged to implement a decentralised shipment tracking system based on IOTA.
This use-case once again demonstrates the versatility of the Proxeus framework, and highlights the disruptive potential of blockchain technology in the Logistics and Trade Finance verticals.
IBM has estimated that the implementation of digital technologies such as blockchain could save the logistics industry as much as $38 billion per year. According to BCG, (Boston Consulting Group) blockchain technologies alone could save several millions of dollars yearly for large manufacturers.
Supply chain processes traditionally rely on paper, for example a full binder of documents is needed to send a shipment from Asia to Europe. A key saving, in financial terms, would come from a reduction of the manual paperwork associated with the movement of goods as they transit in between terminals.
A combination of new technologies required for success