OPINION: Blockchain can Revolutionize the Shipping & Logistics, but is it Ready?
The pandemic led to a disruption of the global sectors that also included the ocean trade. International trade witnessed an extensive impact on operations, causing a sharp decline in trade activities worldwide. Only a few technology-driven service providers managed to overcome some of the Export and Import industry's challenges during the pandemic. Interestingly, however, the exporters and importers' stumbling-blocks could have been handled efficiently if the entire ecosystem was backed by digital infrastructure.
Besides providing significant macro contributions to the national economy by creating national income and foreign investment influx, the shipping & logistics industry is also one of the largest job-creating sectors worldwide, employing more than 40 million people in India alone. Therefore there is a pressing need for a complete digital transformation of the industry to handle international shipments proficiently.