Blockchain could enable carriers and shippers to use “smart contracts” to track each party’s obligations throughout the course of the agreement, from the initial bid to final payment. Perhaps these contracts could include built-in factors such as on-time delivery and driver detention time. When the load is delivered, the smart contract could automatically create an invoice and process payment immediately, rather than weeks later.
But for blockchain to take hold in the transportation business, the industry will need to develop standards for the technology. That’s one of the goals adopted by the Blockchain in Transport Alliance, a growing consortium of fleets, trucking technology suppliers and other industry stakeholders.