Blockchain for Cold Chain Logistics Market Trends

Blockchain for Cold Chain Logistics Market Trends

Hybrid blockchain has emerged as a pivotal trend in the blockchain for cold chain logistics industry, it combines into two interfaces, private blockchain with independent ledgers and a public blockchain designed to ease data verification. It employs private blockchain functionality to ensure that the data remains secure in its original form. Transparency characteristics in hybrid blockchain has proved to perform uncommonly as compared to public & private blockchain system. It provides high-speed operations and is simpler to manage.
 

By using hybrid blockchain technology, companies can enhance their cold chain logistics operations, real-time tracing & monitoring capabilities enable proactive management of inventory, reducing the risk of loss and progressing overall efficiency. It complements Internet of Things (IoT) devices and Artificial Intelligence (AI) algorithms used in cold chain logistics. This addition allows for predictive analytics and proactive maintenance to guarantee optimal conditions for machinery and equipment’s. For instance, in November 2022, Maersk and IBM partnered to implement blockchain to enhance transparency and efficiency in tracking goods such as pharmaceuticals, food items & oters across their supply chains.
 

The rising demand for traceability and regulatory compliance in the food and pharmaceutical industries is a significant driver of blockchain for cold chain logistics market growth. Blockchain technology provides an immutable record of each transaction and movement in the supply chain, enabling companies to demonstrate compliance with safety regulations and quality standards. This transparency is critical for preventing foodborne illnesses and ensuring the safety of pharmaceutical products.
 

For example, in April 2024, Ripple and HashKey DX have partnered to introduce XRP Ledger (XRPL)-powered enterprise solutions in Japan, aiming to transform supply chain finance and offer cutting-edge solutions to institutional investors. This strategic collaboration leverages HashKey DX's successful blockchain-powered supply chain finance solutions, which have been widely adopted in mainland China, and will now be introduced to the Japanese market.