How blockchain and physical internet influence logistics
The Physical Internet
The physical internet is about shipping freight just like information flows over the internet, but do you honestly know how that works? Did you ever wonder what route your email takes, who owns the servers that relay your message or which your receiver uses internet provider, probably not and you don't have to, you rely on the internet to securely deliver your message to the receiver?
Imagine a world where your message is a physical object, and you are the sender or the receiver, to ship the physical objects you use the physical internet just like the network of the servers from the internet and network of hubs forms the foundation of the physical internet. A physical internet hub sends and receives products, these products pass several hubs creating a chain and the final delivery leaves from the hub closest to the receiver.
Products moving through these open and interconnected networks belong to many different parties, who have in common that they are users of the physical internet, in this way the physical internet is enabling full vertical and horizontal collaboration. Shipments are optimized for the whole network this requires the constant quest for the perfect capacity use of the network.
The blockchain is basically what encompasses all transactions of cryptocurrencies, most prominently Bitcoin. You may even have heard of Dogechain before, or the place where the purchase of those Dogecoins, named from the famous Shiba-Inu meme. The blockchain is a public record that solely exists in the digital world, which means you wouldn’t get any physical coins of any sort with you. If you need to buy something online, and you’re allowed to pay cryptocurrencies for it, then you will be able to get that item even without real cash, as long as you have enough cryptocurrencies.
One of the main things about Blockchain is that it allows you to have this sense of ownership over something, even if you do not have it in your hands, and you also can transfer property to someone else when you get the proper Blockchain record done. You also have to realize that once a transaction is done, then it is there forever. What happens in the Blockchain stays in the Blockchain, and that’s how it will always be.
Many people believe that in the future, more people would be making use of the Blockchain system, especially with the emergence of many companies online, especially those that employ fantastic technology. With the help of a great transaction ledger, such as blockchain, and might be used by international communications systems, to make sure that transactions become better and more accessible to do!
Wrapping it up
The physical internet and Blockchain are fascinating to contrast and compare. On the platform, these both are similar in a way that the concepts that will change the way intermodal terminals operating in the future. This gives an idea that the terminal operators, suppliers, and government are all concerned with what the future is going to be. As they state, the two concepts are similarly different.
The blockchain is, however, trying to go over the barrier theoretically and is now going to see embracement across the industry of logistics while the physical internet is yet to see. That said, while the blockchain technology is being applied in specific projects, for now, it is implemented so mainly in silos, at a time some of the industry experts agree on the competition and collaboration are the models of an organization we should move to for success in the future.
India’s most prolific entrepreneurship conference TechSparks is back! With it comes an opportunity for early-stage startups to scale and succeed. Apply for Tech30 and get a chance to win a cash prize of up to Rs 50 lakh and pitch to top investors live online.