A lot has changed in the vehicle tracking industry. From the days when updates were by phone calls, to the current state where each action from packing to delivery, the industry has witnessed an influx of technology.
Still, a technology which ensures effective value transfer and service delivery on a global scale wasn’t there. But then, Blockchain arrived onto the scene.
Blockchain has to a vast extent addressed the issue and gave solutions that foster ease of transparency and an enhanced transfer process accountability.
It is equipped with tools of efficient tracking and other such things- especially with its tools of efficient tracking and other such things.
Blockchain helps to track the status of vehicles and the goods that they carry; it also records various transactions and information that creates greater transparency in the delivery process.
How Blockchain In Vehicle Tracking Works
The vehicle tracking Blockchain device quickly and efficiently determines the GPS coordinates. Once the coordinates are known, it transfers them to any Blockchain.
Having multiple Blockchain connections is possible. Once the coordinates are identified, they are then written as transactions in a decentralized database and are precisely and meaningfully documented.
With Blockchain, all parties involved in the transport process can access and check these data at any time ensuring maximum transparency and traceability.
This also allows the end user and the manufacturer to check the current location of the product from time to time and also to check which stations the products have already passed.
This complete verification is safe because the waypoints are not anchored in the Blockchain. The various locations of the products are connected to one another through the Blockchain, creating transparency.
Blockchain offers the ability to track products along the supply chain and transfer the data directly to another Blockchain.
Blockchain has revolutionized the vehicle tracking industry in many ways such as
Improve processes – Since it will make the entire vehicle tracking system self-sufficient, it will encourage more transparency. It will exclude unnecessary intermediaries and will make the system self-reliant.
More security – Blockchain will protect connected devices revolving around the Internet of Everything (IoE) through advanced encryption, distributed ledgers, the aforementioned exclusion of intermediaries and smart-contracts.
Ensure safety – Blockchain ensures that there is no burglary, theft or corruption while the vehicle is on its way towards its destination and no premium fee is charged from the driver during his journey.
Other advantages of Blockchain include:
1. More accountability
2. Optimal resource planning
3. Reduction in cost of logistics
Blockchain technology in no time created an impact on the vehicle tracking industry, and with its forward-looking approach, it ensures security and safety, therefore creating trust in the minds of all the parties involved.