On July 11, it was reported that the blockchain is becoming a technology that is driving the growth of transportation management systems around the world.
According to the report from Grand View Research, the market for transportation management systems is expected to approach $200 billion by the year 2025. The report further said that yearly compounded growth in the industry is expected to be a little more than 16%.
The blockchain is not the only advanced technology that is driving the growth of these systems, according to the researchers. Among the other technologies that are driving this growth include:
Artificial Intelligence (AI) Cloud Transportation Management Systems Internet of Things (IoT) Predictive Analytics
The report indicated that two technologies, in particular, were streamlining transportation management systems: the blockchain and AI. The researchers believe that competition among software developers has played an important role in this.
In addition to streamlining systems, the report indicates that there was a need in the industry for the following advances using blockchain technology: supply chain and logistics automation as well as other improvements to supply chains relating to their scalability, flexibility and visibility. Increased efficiencies and improvements in the transparency of supply chains are other important concerns.
An example of how the blockchain has been in used in global transportation management systems is the the World Bee Project. The project uses blockchain technology to track honey from when the moment it is harvested from the hives all the way until it reaches the consumer. The project also collects data relating to the populations of bees worldwide.
Other examples of how the blockchain has been used in transportation management systems include international shipping and even cannabis tracking. In the latter case, a Canadian company is using the technology to track marijuana supply chains.
Governments have been getting into the act as well. Recently, the government of Turkey announced that it wanted to adopt blockchain technology in its transportation industries. It included such adoption in its economic roadmap for the years 2019-2023.