(Newswire.net — March 11, 2019) — At the moment, the ocean shipping industry is plagued by sluggish and inefficient operations. But, advanced technology, such as artificial intelligence (AI) represents promising solutions. When combined together, they can become a disruptive force echoing through the shipping industry.
LiteLink Technologies has combined AI with other technologies to develop 1SHIFT Logistics, bringing cutting-edge solutions to the freight and logistics industry.
A Future with Technology
The technology potential is clear, and marine logisticians are now beginning to take notice. Two separate ministries of the South Korean government recently announced blockchain pilot projects.
The impacts of the applications are far-reaching. They will be looking at the immutable, data distribution, and transparent aspects of blockchain technology. Trust and coordination should improve relatively quickly.
The mechanism for improving operations is real-time information, which will be applied to tracking and distribution. The South Korean project expects to increase efficiency, speed, accuracy, and reliability of their container shipping industry.
There is a high degree of confidence in the success of these South Korean projects. Once a mission is fulfilled, the ministries plan to apply these methods to other areas.
The ultimate goal is for a practical fintech solution that grows into a mature blockchain-based network. South Korea aims to be among the world’s leaders of blockchain application. The team has set a target date for developing significant implementation by 2022.
Examining the Needs of Supply Chains
A ship’s supply chain has been described as the blood that flows through the heart of operations.
Operations of the overall supply chain is just one way that logistics impacts shipping. There are other crucial elements that need close and careful management. Logistics management is an essential element that keeps things running at peak efficiency.
The current state of ocean shipping is plagued by a few, but very significant, factors. These include varying degrees of the following elements:
- poor financials
- overcapacity
- shipper satisfaction
- provider issues
A recent examinations by industry experts found that the financial strength of most ocean carriers are weak. Overcapacity is a strain associated with trade and inefficient operations. Obviously, this does not present the best situation for satisfying shippers.
Another profound impact is the tendency toward consolidation. This is a provider issue that compares to the formation of big airline companies of the U.S.
To remain competitive and survive, ocean shippers will need to be at the forefront of logistical technology. Most experts know that this effort will absolutely require a dedicated AI. What is becoming increasingly apparent is that a digital ledger will be needed to get the most out of data.
What to Expect
When advanced technology is properly combined with artificial intelligence it is clearly superior to anything else currently available for the freight and logistics industry.
This is what the 1SHIFT Logistics (https://1shiftlogistics.com) software is all about. AI by itself can find deep insights, and it can improve managerial decisions. When it is paired with a digital ledger, it truly disrupts the entire supply chain.
Together they solidify security, provide far-reaching data manipulation capabilities, and enable actionable solutions that are truly transformative. The logistics industry can expect partnerships that operate within a transparent and trusted marketplace.