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In a recent move that could double down on the effectiveness of blockchain as a means of conducting logistics processes, German companies are banding together for a new initiative.
The project will be responsible for handling 75 million freighting processes and is being spearheaded by consulting firm Ernst & Young (EY).
The alliance will be made up of LKW Walter, GS1 Austria, and its EDITEL Austria subsidiary, Bundesvereinigung Logistik Österreich, Deutsche Bahn subsidiary DB Schenker, and WU Vienna. This was first reported by local news outlet Tiroler Tageszeitung. The goal is to digitize the existing paper-based freight documentation process in order to provide a completely transparent window into the progress of all logistic lines.
It has long been speculated that one of the biggest areas where blockchain would have the most impact is logistics. Trust and transparency have always been an issue in this industry, especially for authorities. The new alliance aims to automate existing processes, thereby leading cost and resource savings as well as protection against counterfeiting.
The participating firms all appear to be quite excited at the prospect, as well. EY Blockchain head Michael Schramm noted how the use of blockchain could be quite revolutionary for the logistics industry.
“Blockchain holds enormous potential for all industries, especially those with many standardized processes such as transport and logistics - if you use the technology properly,” he said.
Alexander Winter, CEO of DB Schenker also chimed in saying, "We are vigorously pursuing digitization initiatives in the logistics sector in order to be able to offer our customers even more efficient solutions. But we do not just want to react to trends, but also actively participate in the process and set new standards.”
This pilot program is scheduled to last through the year, Cointelegraph reports. If proven successful, other alliances from other parts of the world could follow.
