Different companies from a wide variety of industries are starting to invest in blockchain technology to improve services and products. This time, the largest logistics company operating around the world, DHL, partnered with the blockchain trade finance platform TradeIX so as to ‘create more efficient networks’ through digitization.
The information has been released in a presentation on June the 5th at the Money20/20 conference hosted in Amsterdam. During the conference, Becky Taylor, Vice president of Commercial at DHL Supply Chain UK and Ireland, explained that the company wants to include a way to ‘serialize products to be able to track that product through its life.’
It is very important for the logistics industry to implement blockchain technology because it could help track sendings from one country or place to another.
TradeIX To Help DHL Implement Blockchain https://t.co/hAl1Sq02ov
— TradeIX Limited (@tradeix) June 5, 2018
At the same time, Mr. Taylor announced the partnership saying that DHL needed to rely on other companies because it was not able to do it alone.
Daniel Cotti, CEO of TradeIX said that the current lack of standards and interoperability in the trade finance market create systems that rely on manual processes. This is a problem because it increases costs, there are more errors, and is slow.
With blockchain technology, instead, it is possible to power a more efficient process with no error and increased visibility. TradeIX will help DHL to embed multiple funding and risk mitigation options into their product offering.
In the past DHL and Accenture announced a blockchain-based supply chain for the pharmaceutical industry.
Other companies like Maersk and JM Baxi are also implementing different blockchain solutions to improve their systems.