BitNautic can be a solution to heavy supply chains problems.

A supply chain is a process of carrying goods from manufacturer or producer through a series of checkpoints until eventually reaching a distributor and ultimately, an end-consumer.

The problem with most supply chains is everything that happens in the middle. Companies know where things start and where they eventually end up. But the question is, how they get there, and what happens between each checkpoint, is nearly undiscovered.

Supply Chain Challenges In The Manufacturing Industry:

The heavy manufacturing industry has its own unique challenges in managing its supply chain. The challenge with adhering to all the regulations comes down to the fact that many of the processes that make up a product’s supply chain are severely outdated. They are done manually, with orders being tracked by warehouse workers. The truth is these decisions left to a human decision when in reality, we have the technology today to automate almost every single portion of a supply chain’s process. It’s called Blockchain, and major producers are already beginning to experiment with the technology.

The Blockchain Technology:

Blockchain technology is widely being used by many industries, from financial firms to charities and NGOs also seem to be showing interest in the same. Blockchain technology was once known to work for securing data as it passes through many hands, but now it is slated to change the face of global business, as major shipping companies and chief ports have started trialing its abilities. Blockchain was first launched in 2009 and became renowned for making Bitcoin transactions possible. However, in the recent years, it has expanded beyond cryptocurrency realm, to become compatible with an effective, simple and cyber-secure data sharing platform between businesses and people.

The blockchain is a rapidly growing technology that is engulfing every possible business domain. Therefore, many reports published have predicted a huge rise in the blockchain market. According to reports, the Blockchain market is expected to extend to over 20 billion dollars by 2024. It is counted in one of the most promising new technologies that are hoped to change the future of businesses and the internet.

The Blockchain technology has the potential to save the shipping industry billions of dollars.

The wealth of blockchain technology for Shipping:

Every step of these takes time and also cost money, either in terms of fee or time. However, such a tangled system is likely to fraud or coincidently miscommunicated. Fraud protection appears since no one is ready to modify or delete any record without the consensus from others within the network.

Transparency should be in such a way that each participant includes a digital supply chain ecosystem, should record the progress of goods throughout the chain. It also has the capability of reviewing the status of customs documents and charges incurred, such as port docking fees.

Another benefit is that we can analyze the condition of the shipping and supply chain in a much easier way and will improve the tamper-resistance and acknowledge the key metrics to be share in real-time. Also, the use of digital ledgers will set up many various parties to accept the terms of premiums in a timely and efficient way.

BitNautic’s Platform ‘ DIPSI’ :

A decentralized shipping platform based on blockchain technology, ‘DIPSI’ (pronounced as ‘DEEP -SEA’), aims to provide a better fortune and endless opportunities for users and for the overall shipping industry. It will operate as a marketplace for goods and commodities to trade products or services more efficiently. The AI (Artificial Intelligence) booking system is one of the unique features of the platform. Besides, it also has a real-time tracking of ships, an e-commerce platform, special deals and exclusive discounts.

Out-of-the-Ordinary, BitNautic assist an open market and free trade which will be increased international cooperation, government support, public-private partnerships within the industry, knowledge sharing, and bridging the gap between regulators and shipping industry. In case of BitNauitc, all concerned parties such as transporters, shippers, cargo owners, and agents will come on the same page and negotiate their own terms, therefore, avoiding the long chains which occur due to multiple parties involved. All of this will happen with the power of blockchain. Also, because of E-commerce platform, the imported or exported goods can be traded along with the local goods available. This platform will also give some special features including OR code, GPS based suggestions, deals and discount alerts.

Honestly, it is just an inception of the Blockchain Technology in the shipping and supply chain industry. And if projects like BitNautic are taking the initiative to revolutionize the entire shipping industry, no doubt the future will be bright!!

To know more visit:- https://bitnautic.io/en

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