In a move that signals an increasing interest in distributed ledger technology across the world, the Indian government has announced a plan to test the feasibility of distributed ledger technology to streamline its logistics industry. The plan will test the idea by allowing real time data from an Indian logistics company’s proprietary system to be accessed by the Prime Minister’s office and other key decision makers. The goal is to use this information to better streamline the logistics process. The resulting algorithm will allow logistics operations to be better organized and more efficient by improving warehousing practices and other aspects of the supply chain.
The Indian government is not alone in its interest in distributed ledger technology. Companies like Wal-Mart, the United Kingdom’s Department for Transport and The Australian government are all investing in the development of distributed ledger technology to improve their delivery processes. The idea is to make the information available at the moment it is needed, rather than storing the information for later use. This would reduce costs and improve logistics by improving inventory management, for instance. The outcome of the effort would depend on how well the government can integrate the testbed distributed ledger technology into its existing logistics processes.
The problem with using a traditional distributed ledger technology such as the M.R. Gann method is that it makes changes to the way a company does business. The ledger system that was originally created to help investors track stock prices became the basis for inventing many financial markets including futures trading and options. With its highly volatile price movements, the ledger system became very complicated, and it became too expensive for small companies and even some of the multinational corporations to use.
The Indian government is trying to find ways to make its logistics systems more streamlined. One solution that they are testing is a distributed ledger software solution that would allow for real time information sharing among multiple department and government agencies. The software would enable one department to receive orders from another department and pass on the information quickly.
Another way that the Indian government is testing distributed ledger technology to streamline its logistics is through its grants program. As part of the program, the Indian government is allowing small organizations that have not been able to access financial services through the traditional banks and finance companies due to their small size, lack of capital, or Internet/Online banking problems. These organizations will be able to access the financial markets through a secured and replicated environment. The application of the technology will allow the small organizations to conduct day to day cash transactions without having to worry about security and fraud.
When considering solutions for improving internal procedures and increasing efficiency, the Indian government should look at distributed ledger technology. The technology will streamline systems across many departments and government agencies, giving them greater chance to become more nimble in their operations. This will allow them to provide better services to their citizens while staying ahead of the curve in terms of new technology.
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