Last weeks IATA (International Air Transport Association) Symposium brought more than statistical air freight analysis and networking opportunities. Singapore peered into the inevitable future of billing and absorption costing with the launch of a blockchain-based accounting program for air cargo.
Microsoft has developed this system with the intent of streamlining operational efficiencies along with comprehensive billing transparency updated in real-time via blockchain; minimizing discrepancies and accounting errors, while maximizing visibility and accessibility.
“Blockchain has been a hot topic for the air cargo industry, as stakeholders seek methods to ensure smart and secure ledgering systems. Over the past year, industry stakeholders including airports, express carriers and logistics companies have invested in developing and integrating blockchain systems into their operations.” [Chelsea Toczauer, Air Cargo World]
The flexibility designed within the system allows for the logistics company utilizing the application to adapt the structure accordingly based on new client on-boarding processes or the adverse; essentially creating a natural ebb and flow continuously adjusting for growth and scalability.
Freight trends as of late have been compounding upward towards advanced technology and wide-range digitalization. Technological advancements are showing no signs of slowing which elicits an abrupt “get on board, or get left behind” mentality to the freight forwarding industry in its entirety; streamlined efficiency, heightened visibility and transparency, and quicker end-to-end shipments with matriculated precision.
Perhaps the next steps begin with comprehensive blockchain implementation. Blockchain has been a topic up for discussion in the air freight industry for over a year now, and has shown progressive indication of operational system integration, all while investors continue the search for an un-hackable ledgering system.
Do you have questions about your current supply chain and how technology can be integrated for a more efficient process? Reach out to us today for a free consultation.
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