Most people in North Charleston, SC who are aware of blockchain technology think of it with regard to cryptocurrencies like Bitcoin. These currencies are based on blockchain technology, but there are many other uses for this technology outside of cryptocurrency markets, and it is expected that the technology will only grow more and more influential as time goes on.
In the crypto world, blockchain is used as a sort of ledger to track transactions and ensure there is some level of accountability in what is a decentralized, anonymous form of currency trading. That technology can also easily be used in other industries that are more traditional, including the shipping and handling of hazardous materials.
Before we get into that specific industry, here are the basics of how blockchain works:
- Information gets stored in “blocks” that get distributed across a network among everyone with access to the blockchain. That information could be just about anything.
- Every block has data as well as hash values to verify that data, plus pieces of hash value from the previous block. Because every block has bits of data from other blocks, it is extremely hard to change any info in a block that’s already been created.
- As more users create data, more blocks are created, and each user gets a private key to identify themselves and manage transactions.
There are a few different ways this technology can be leveraged within the world of hazardous materials handling in North Charleston, SC:
- Smart contracts: These contracts are essentially miniature software programs placed into the blockchain. When two or more parties create the contract, they can establish the contract’s terms using a smart contract language to write them into the blockchain. For the contract to be fulfilled, various conditions must be met and then verified, and the blockchain will hold the currency until those terms are met. This reduces the need for lawyer and notary involvement.
- Security: It’s crucial to be able to guarantee security when dealing with dangerous materials. There are always security risks when using physical documents. The greater security and encryption capabilities associated with blockchain technology make it highly beneficial for industries that deal with a lot of sensitive information, including companies that deal with hazardous materials and their transportation or disposal.
- Compliance: Compliance is another big issue in the world of hazmat handling. Blockchain technology is highly transparent, which makes it ideal for programs dealing with compliance and safety. Using blockchain makes it easier for given shipments or batches of hazardous materials to be traced back to their point of origin. If a shipment gets damaged, this allows investigators to follow that shipment back through its journey and to access documentation or certificates.
For more information about how blockchain technology can be leveraged in the world of hazardous materials handling in North Charleston, SC, we encourage you to contact All Points Transport. Our trucking company provides high-quality shipping and logistics services to clients in a wide range of industries, and we look forward to hearing from you soon.
Categorised in: Hazmat Shipping