Setting the World in Motion: Blockchain Redefining Transport and Logistics

The concept of blockchain, although first introduced decades earlier, only became popular around 2010 due to its first implementation in cryptocurrency. Its associated protocols and underlying technology, however, have since then materialised and evolved significantly beyond its initial conception. In this chapter, a detailed analysis is presented on the reasons blockchain is rapidly establishing itself across multiple business sectors, with a special focus on the Transport and Logistic industries. Real world applications, already utilised by numerous multinational organisations, stand as proof to how this technology is aiming to change the way transactions, contracts and data tracing work in the digital world. As with all major changes in business ecosystems, however, the implementation of blockchain does not come without risks. A potential Implementation Roadmap is presented to help mitigate these risks, and aid businesses planning to rollout this technology and take advantage of the opportunities it has introduced in Transport and Logistics. Finally, a glimpse into the future evolution of blockchain is attempted, highlighting the increasingly fast pace of progress in the digital world, and the need for businesses and individuals to embrace it accordingly.