Cryptocurrency is a blanket term for digital coins that make use of blockchain technology. As such, they don’t all have the same use or purpose. The security they provide is self-evident though, and many companies have already begun using them for the secure network they provide. In shipping, for example, only holders of a coin can access the network, so the coin can be distributed to sellers and buyers like a key so that only they know the whereabouts of their merchandise.
Cryptocurrency Is Invaluable For Logistical Management
With a blockchain network, there are a finite number of coins. These cryptocurrencies or coins, essentially act as keys to allow access to the network. If a password is lost or a coin stolen, there is no replicating or duplicating it. Logistical companies are already making use of this by storing information on databases secured with blockchain security. It can allow them to hide their distribution of assets, workforce, and other measures of the company from competitive eyes.
Companies Can Track Every Package
In the transportation industry, several companies have begun using these coins for the purpose of tracking packages. Shipping companies store chips inside the packages before they’re loaded on trucks or delivery vehicles, and the chips cannot be removed or tampered with, or a signal is instantly sent to the network. This gives companies the ability to keep track of hundreds of packages in their fleet in real time and alerts them to the exact vehicle being tampered with.
It Grants Buyers and Sellers Privacy
This benefit can extend to the seller and buyer though, not just the shipping company. Companies give the coin that tracks the package to the buyer, so they can access the package and track it in real time. When the package is delivered, because the coin is digital, the rights and access to it are then revoked, and the company can assign it to a new package and customer. This can use the same blockchain as the logistical side of the company, or another entirely.
Putting the Wheels in Motion
Not only is it possible for cryptocurrencies to revolutionize the way companies handle their logistics and fleets, but it’s also already happening. Certain coins have devoted themselves to tracking packages and adapting cryptocurrency coins so they may be implanted in the tracking chips of modern delivery services. And the only ones who can access this information are those with access to the network, granting the buyer, the seller, and the company the privacy they desire.