While blockchain has moved past the hype cycle and real use cases are emerging, the transport sector has been slow to reap any significant benefit. Nonetheless, a survey conducted by management consulting firm Arthur D. Little and BiTA (Blockchain in Transport Alliance), found that 57% of respondents believe that blockchain could disrupt business models.
The consulting firm says that project results are at odds with the initial enthusiasm of their promoters. The logistics sector is massive, at $4,730 billion in revenues in 2018.
When asked about specific applications of blockchain in the transport industry, 73% of respondents said it could increase process efficiency. This ranked as the top benefit for the executives, followed by addressing compliance requirements (66%). While security is an ever-pressing need, only 41% of respondents said blockchain could contribute to improving security, and 45% chose to remain neutral.
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