China Water Transport News: Blockchain has great potential to help the transportation industry cope with long-standing challenges

On November 8, the China Water Transport Journal published the blockchain to accelerate the transportation industry. The article stated that blockchain has enormous potential to help the transportation industry address long-standing challenges such as enhancing security, providing digital data trust, improving logistics management across the ecosystem, and increasing industry interaction efficiency. In the initial blockchain survey, three areas of friction that the blockchain can help overcome were identified: information, interaction, and innovation. In these three areas, the forerunners of the transportation industry hope to use the blockchain to reduce four specific frictions that affect regulatory restrictions and promote supply chain fluency: restrictive regulations, imperfect information, excessive intermediaries, and new entrants The industry brings risks. The three main ways in which blockchains work in these areas are to increase efficiency in payment processing, partner data sharing, transportation status, and tracking.