Adoption of Blockchain in Retail Logistics: A Future Imperative
e use and adoption of blockchain in the logistics industry is in nascent stage. There are numerous concerns on adoption of blockchain, but the benefits derived are already leading towards the solution of adopting blockchain as contemporary technology. The Smart Contracts, a unique feature of blockchain, is the answer to many problems faced by the logistics industry. The present study attempts to offer a view on how blockchain has the latency to bring about a greater change in logistics management by bringing in more cost-effective solutions. The study further gives a brief description of the blockchain technology, its evolution, and benefits associated around it. This study depicts how blockchain technology may be applied in the logistics industry to lead to cost-savings and enhanced profitability.
Keywords-Blockchain; Technology; Logistics; Smart Contracts; Challenges