What if, Blockchain and AI combined with Logistics?
Kumar Pankaj ??
Warehouse & Cold Chain Expert I Concept Design , Warehouse Automation, Racking, MHEs, Feasibility Study, Project Management I Non-Executive Board Member I Data Analyst I Influencer 30K+ Followers I DM for Paid Promotion
Blockchain and artificial intelligence (AI) are not just buzzwords, in fact, Blockchain and AI are two cutting-edge technologies with the potential to transform several sectors, including the logistics sector. These are two of the most disruptive ( as well anti-disruptive too) technologies available in the world today. Supply Chain is the largest industry that has a significant market size and is one which is the first in adopting #digitalization globally. As we all know, logistics encompasses a wide range of stakeholders, such as #suppliers , #manufacturers , #distributors , #retailers , and #customers , who need to coordinate and exchange information along with flow of material/ goods in a timely and accurate manner. Blockchain and AI can combine to create a more transparent, secure, and intelligent logistics system. This can enable to achieve higher efficiency, lower costs, and improve customer happiness.
Blockchain is a distributed ledger technology that enables peer-to-peer transactions without intermediaries. It records every transaction and movement of goods and services along the supply chain . It can provide reliability, traceability, and accountability for each and every transaction in the logistics network. By automating operations and removing paperwork, blockchain may also save costs, decrease fraud, and enhance efficiency. Blockchain can also enable smart contracts, which are self-executing agreements that can automate payments, delivery confirmation and quality assurance.
On the other hand, AI is the ability of codes & #algorithms to perform tasks that normally require human intelligence, such as learning, Logical reasoning and decision making. AI can enable automation, #optimization and intelligence to the processes and decisions related to logistics. AI can enhance the capabilities of logistics by providing insights, predictions and recommendations based on past, present and future data analysis. AI can also optimize routes, schedules, objective oriented data analysis, simplify decision making, ease #trade -off, and optimize inventory levels by using machine learning and optimization algorithms.
AI can analyse Bigdata from various sources, such as sensors, GPS, #RFID tags, transactional spreadsheet, and cameras, to optimize #routing , #scheduling , #inventory management and demand forecasting. AI can also enhance customer service, by providing personalized recommendations, #chatbots and voice assistants.
Blockchain and AI can complement each other and create synergies that can benefit all #stakeholders in the entire logistics #valuechain . For instance, blockchain can provide data integrity and security for AI models, while AI can provide #data analytics and #intelligence for blockchain transactions. Together, they can make it possible for a logistics #ecosystem that is #smarter , quicker, and more dependable to adapt to changing consumer behavior and market needs.
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By leveraging their synergies, logistics can improve its #agility , #resiliency , and competitiveness in the global market. It can offer several benefits for logistics, such as:
By combining blockchain and AI in logistics, we can achieve a new level of performance and innovation. We can build a more efficient, intelligent, and resilient supply chain which can reduce costs, improve quality and customer satisfaction, and increase sustainability and social responsibility.
Supply Chain Management // Logistics & Operations Manager// Continuous Improvement // Future proofing
1 年Very interesting subject matter. The sky is the limit. How about doing a webinar for us on Block Chain / AI? I am what I call the hip old timer. I come from the past and want to go into the future with the youngsters. However, I still like being able to listen and talk to a person.
Expanding UAE's Economic Horizons | FDI & Trade Growth Driver | Strategic Country Manager @ RAKEZ
1 年Great article Indeed
Logistician, Transportant and entrepreneur
1 年A highly technical topic made very simple in reading and writing. This is Insightful!
Management Consultant and Mixed Methods Reseacher
1 年This is one of the seminal articles to be read by logistics and transport students to gain a holistic view on how things are changing, how technology is changing the way we do business.
Chief Executive Officer @ Global Corp Logistics | Global CXO, International Business Strategy
1 年Good read Mr.Pankaj, A tough question to ask... 1. When do u see this happening, To happen what are the developments which needs to happen in the industry....