The blockchain technology has already proved how it can be used to make the whole tracking process extremely efficient. When the blockchain technology was initially used in the Bitcoin network, the only service that it offered was an immutable ledger that was used to store all transactions on it.
Even though Bitcoin had barely scratched the surface of the blockchain technology, with the introduction of Ethereum the usefulness of this revolutionary technology went beyond the imaginary.
Due to the various benefits that the blockchain technology has to offer, the Italian postal service, Poste Italiane has just joined with the community of the hyperledger blockchain. The blockchain technology has already been proven to be very useful and efficient in supply chain management and this move by postal service is another step towards utilizing its capabilities.
What is the Hyperledger Blockchain?
The hyperledger blockchain is an open source blockchain that has been created and led by the Linux Foundation. The main motive behind the creation of this new blockchain is to create an open source standard for the blockchain technology and the Distributed Ledger Technology (DLT). This is a collaborative effort with the Linux foundation sphere heading the entire project. Other industrial leaders including Cisco, Intel, Deloitte, JPMorgan, etc also support this project.
How will this move benefit the Italian Postal Service?
Due to the open source, distributed and readily available nature of the blockchain technology, it can do marvels to the supply chain management industry. The delays caused in this field due to misinformation or delays in receiving the receipt can all be avoided as all this information is readily available on the blockchain.
Additionally, extremely precise tracking of any package is now possible due to this technology. Not only will this reduce the delays but also reduce the human workload as this entire process can be automated.
Poste Italiane had announced its interests towards newer technologies and acquisition in its business plan. This surely makes it into their business plan.
In September 2018, the USA’s largest delivery company FedEx also joined the Hyperledger blockchain community. The security, openness and the efficiency which the blockchain technology brings to the supply chain management field has surely encouraged other organizations in the same field to consider its implementation as well.
In the past week, a committee in the Italian Senate approved an amendment which focused on blockchain technology regulation in the country. This amendment also includes the official definitions for the smart contracts as well as the DLT. Additionally, the amendment also highlights the benefits of having digital data on the blockchain which will enable legal validation of documents at the time of registration itself.
What does this mean to the Blockchain technology?
Even though the blockchain technology has been highly scrutinized in recent times, more and more organizations have started to embrace the advantages that it has to offer. With the Italian Postal Services joining this community, we will see more such organizations follow the same path. Thus, facilitating the mass adoption of blockchain technology.