MSRvantage Leverages Blockchain to Transform the Logistics Industry
March 11: MSRvantage, a start-up, was founded by MSRcosmos, a company located in the United States. The start-up provides AI-enabled blockchain solutions such as anti-counterfeit management, intelligent supply chain solutions through improved traceability, asset digitization, and reward deployment, among others. It is all set to fundamentally transform the logistics industry by leveraging Artificial Intelligence and blockchain to overcome the myriad of challenges faced by the industry, like supply chain management, maintenance of documents, and coordinating the management of vehicles at multiple places.
Globally, there is an increasing demand for supply chain and logistics solutions. Due to insufficient visibility of a product’s origin, asset mishandling, limited transparency, and authentication and security concerns, the global supply chain business face various challenges. This has resulted in more knowledge and examination of the supply chain than ever before. This examination has shown the modern supply chain’s fragility, and many organisations have simply found themselves unable to quickly adapt, triggering a crisis in and of itself. While managing the finances and operations, almost two-thirds of logistics expenditures are accounted for by fuel and freight. To boost the bottom line, supply chain and logistics managers must optimize those expenses. MSRvantage’sBlockchain technology has the capacity to overcome all these challenges as it offers transparent and reliable data that can assist shippers in transitioning from reacting to market changes to controlling transportation costs and outcomes proactively and effectively. Shippers can establish a revolutionary strategy for their firm by introducing greater transparency into fuel and freight expenses.
MSRvantage also offers exceptionally efficient Supply Chain Management as it utilizes blockchain to facilitate communication among parties which makes the process more straightforward, with shorter lead times, less redundancy, fewer delays, and, ultimately, a leaner supply chain. Blockchain also ensures that quality standards are met, giving the seller greater control over the manufacturing of the product from beginning to end.
MSRvantage also offers Blockchain as the ideal tool for managing the extensive databases on clients, partners, delivery history, and catalogs that every logistics firm maintains as every transaction that occurs on a blockchain network is accessible to everyone on the network. Nothing can be eliminated if it is not detected. This transparency eliminates areas of fraud, such as double brokering. With blockchain shippers can securely track the creation and modification times of a document or transaction using the widespread practice of notarization and nonrepudiation, verifying authenticity.
Geolocation tracking is an unquestionable necessity for operating automobiles in the logistics industry as it ensures reliability. MSRvantagefulfils this requirement by utilizing blockchain for coordinating the management of vehicles at multiple places as ELDs can communicate a stream of driver behaviour and route data to a blockchain. Combining this information with traffic and weather data provides carriers and shippers with a tool for improving routing.
MSRvantage also ensures supply chain transparency, which is one of the utmost priorities of the logistics industry, and it necessitates the collaboration of numerous stakeholders toward a single goal. This becomes even more difficult in a global and fast-paced setting. Their blockchain is the perfect technology for overcoming this challenge as it is a distributed database that encourages genuine transparency. Accurate data collected digitally enhance responsibility and confidence amongst parties. This results in a simplified process with shorter lead times, less redundancy, fewer delays, and, eventually, a leaner supply chain.Blockchain also ensures that quality standards are met, providing greater control over logistics.
Mr.SivaGopal M, Founder & Chairman at MSRvantage commented on why Blockchain is the future of the logistics industry, “Sustainability is emerging as one of the top priorities of all industries, and this includes the logistics industry as well. MSRvantage can help save significant amounts of energy, reducing carbon emissions, without sacrificing profits and industry development, by making the supply chain more transparent and efficient with services like smart contracts, tracing solutions, asset digitization, incentives, and loyalty programmes. This is why it is a matter of time before the entire industry adopts Blockchain technology, as sustainability will become increasingly important in the future.”
MSRvantage’sBlockchain, as a digital ledger, can help to reduce energy consumption by creating a database that can store vehicle information to aid in the selection of the proper fuel for the right vehicle. Furthermore, Blockchain and the Internet of Things may be utilised for vehicle-to-vehicle communication, allowing freight vehicles to communicate as a platoon, enhancing safety and fuel efficiency.
What the logistics industry requires above all else is security, which MSRvantage can provide as their blockchain is built on the concept of secure “blocks”, which are temporally maintained versions of the document that are linked to prior blocks. As a result, they are extremely secure and impossible to counterfeit. This is significant because as data storage moves to the cloud, there is a pressing need to protect cloud data and applications. Failure to manage cloud access exposes organizations to major IT risks, such as giving users excessive privileges or, worse, leaving cloud storage repositories open and accessible to anybody. Employee inventory theft, particularly at distribution centres, continues to be a major concern to supply chains. Because blockchain provides a good authentication route with verification, no one can tamper with the data. Furthermore, because it is possible to keep track of all deliveries and track them in real-time, blockchain has the capability to dramatically improve the consumer experience in the logistics business.
Another issue that businesses face is the difficulty to dispute high accessorial rates. Carriers are invoicing accessorial such as residential, liftgate, and inside deliveries more than ever before, which can make audits a frustrating and time-consuming procedure. MSRvantage’sblockchain can assist the logistics industry in the resolution of freight transportation disputes. Disputes are unavoidable in cargo shipping. This can occur if the products are misplaced or arrive late. Disputes are difficult to resolve and might persist for weeks before they are resolved. All of this necessitates an increase in the company’s resource spend. With immutable data and real-time cargo information, their blockchain services can help resolve conflicts more quickly. Many disagreements may be resolved in minutes using automation and reliable data. It also assists businesses in resolving client issues.
By implementing MSRvantage’sblockchain into its supply chain, the logistics sector stands to reap a plethora of benefits. The combination of lower costs, more efficiency, and increased security make blockchain an excellent fit for the logistics business. The need for AI-enabled Blockchain will continue to rise as the logistics sector acknowledges this, and MSRvantage will be at the forefront of meeting it.