As a result of the UK leaving the European Union, logistics firms have faced additional friction at UK borders. Consequently, there have been calls for automated digital borders, but few such systems exist. Surrey researchers have now discovered that a blockchain-based platform can improve supply chain efficiency and trust development at our borders.
Blockchain is a system in which a record of transactions made in bitcoin, or another cryptocurrency, are maintained across several computers that are linked in a peer-to-peer network. The blockchain based platform studied in this case is known as an RFIT platform; a pilot implementation blockchain system that links data together and ensures that this data is unalterable. This end-to-end visibility of unchangeable data helps to build trust between supply partners.
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