The most popular Reliance Industries Limited recently made an announcement that they are going to integrate blockchain in its transportation business by introducing the concept of blockchain for the Bill of Lading and Letter of Credit transactions. The whole idea will take around 12 months to be a reality. Furthermore, it is also claimed that its blockchain is going to fill thousands of nodes on the first day.
Data is wealth and Indian wealth should remain in India
In the Reliance Annual General Meeting held on August 2019, Mukesh Ambani made and announcement related to the integration of blockchain with its business stating that blockchain concept would bring security, trust, automation, and efficiency to all type of transaction.
He also added in a statement related to the data security aspect of blockchain and said that Data is wealth and it should remain in India. To deal with Blockchain issues and troubles, you can always contact the team of skilled professionals who’re there to support you. Feel free to call on Blockchain Customer Support Phone Number which is functional all the time for guidance. You can talk to the team anytime for fruitful results which could be helpful in fixing problems in no time. Get in touch with the team for availing fruitful results immediately and your all issues will be resolved.
Problem of Lack of documentation will be solved
The transportation sector includes documentation on the part of the supplier, including transporter and the buyer. In few times, goods reach up to the destination without the proper procedure of documentation. Lack of documentation refrain forth action on goods and made them stuck. On the other hand, documents are created but it includes wrong information and this delay in shipments and also to dispute between numerous parties.
With the help of blockchain architecture, all such issues can be resolved. A bill of Lading which is created on a blockchain can be seen to all the parties involved. Therefore, blockchain improves coordination between numerous actors in the transportation supply chain.
Parties can verify details of the transaction
Also, data which is recorded on a Blockchain is unchallengeable. Blockchain is a distributed ledger technology and each transaction on its verified by numerous validators again by all validators. Therefore, if there any connection being made on the existing Bill of Lading, then once again validate process will repeat. With the help of this immutability , all the disputes between parties can access the records online to check and verify the details of the transaction.
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