Blockchain in Logistics and Trade

Add greater visibility and efficiency across the entire supply chain to deliver higher value to your customers and trading relationships with SUIC Blockchain.

 

Traceability and transparency are some of the most important foundations of logistics. Blockchain optimizes business transactions and trading relationships with robustly secure business networks on blockchain—both at scale and globally.

Blockchain offers a shared ledger that is updated and validated in real time with each network participant. It enables equal visibility of activities and reveals where an asset is at any point in time, who owns it and what condition it’s in.

Benefits of supply chain with blockchain

  • Reduce or eliminate fraud and errors

  • Improve inventory management

  • Minimize courier costs

  • Reduce delays from paperwork

  • Identify issues faster

  • Increase consumer and partner trust
     

How Blockchain Could Transform International Trade
 

  • allows transactions to be validated without the use of a centralized database.

  • can reduce friction in international commerce.

  • can broaden the distribution of the gains from trade and encourage higher economic growth.
     

Best known as the platform for cryptocurrencies like Bitcoin, blockchain technology allows transactions to be validated without the use of a centralized database. This innovation holds the potential to transform trade finance, argues SkuChain Vice President Rebecca Liao in the journal Foreign Affairs.

She observes that “because blockchain provides a distributed digital record that does not require trust or coordination between firms, it allows for secure, standardized transactions to occur almost instantaneously, even across borders” and finds that “the widespread adoption of blockchain . . . would especially benefit importers and exporters, granting them access to the financial backing that many now lack.”

The author outlines how blockchain can “reduce friction in international commerce, broaden the distribution of the gains from trade, and encourage higher economic growth.”