The world’s third-largest logistics company, DHL (Dalsey, Hillblom, and Lynn), has recognized IOTA blockchain technology in one of its statements published on its official website.
While discussing blockchain, its emergence and what it has come to do, DHL mentioned IOTA blockchain as one of the key solutions that would really thrive in the future.
The logistics company, in the release, claimed commercial processes powered by blockchain-based smart contracts would go a long way eradicating some of the major problems we have today.
DHL said such an approach would help augment payment times and at the same time reduce invoicing errors via instantaneous payment once agreed conditions are met.
“A key application area in future will be machine-to-machine payments (e.g., IoTA)” DHL stated.
While DHL has been a big fan of blockchain technology, the recognition IOTA by the logistic company stirred euphoria in the community of the blockchain technology as some expressed expectation for partnership.
DHL is a partner of VeChain. Earlier in October 2018, NewsLogical related that VeChain got included in the Partner Wall of DHL Asian Pacific (APAC) Innovation Centre. Also, VeChian listed DHL amongst 30 Fortune companies and 500 firms running live Dapps in its network.
What Blockchain Means to DHL
DHL, in the statement released, said blockchain technology has grown beyond association with Bitcoin alone.
The logistic company said blockchain, together with smart contract, can be used to solve complex issues in the global supply chain industry as it enables greater trust and transparency between supply chain stakeholders.
DHL averred that by reducing supply chain trade barriers with blockchain, the global trade can surge by about 15% and the global GDP by nearly 5%.
“Looking ahead, industry adoption, governance of standards, and interoperability will be critical to the success of this technology in enterprise applications”, DHL continued.
“Key trade documents such as the bill of lading can be digitalized with participants issuing, transferring, and receiving the original document through a blockchain network (e.g., ZIM e-bill of lading)”.
The popular logistic company which was first founded in San Francisco furthered that the wide adoption of the technology in the supply chain industry would greatly proffer solutions to issues like delay, fraud, and high costs across the supply chain.