The term “blockchain” became a part of technology’s everyday vernacular a while back and has garnered increasing interest ever since.
Yasmin Bashirova, AI and technology specialist , is currently the Chief of Staff at Shift Technologies Inc., an e-commerce startup on a mission to bring trust and simplicity to the peer-to-peer used car market. Combining her engineering and finance background, she delivers data-driven results for projects in the finance, product development, and marketing sectors at Shift.
Below, Yasmin Bashirova answers a few questions regarding blockchain’s influence on the transportation industry for the 21st century and beyond.
What does blockchain look like in the transportation industry?
Blockchain functions by recording every step of a transaction and delivery in a perpetual digital ledger through computer code utilization, which ultimately provides transparency by eliminating the middle man.
The only way to change the permanent digital ledger is for all parties involved to meet a publicly shared agreement and obtain verification. This process decreases fraud opportunities significantly as the transaction information exists in multiple places. Needless to say, the abilities blockchain brings to the table hold the capabilities to address issues like dispute resolution, administrative efficiency, and order tracking in the transportation industry.
How will blockchain enhance the transportation sector?
Blockchain will improve the transportation sector in various ways. One of the greatest benefits blockchain presents is a transformative tool that brings greater trust across the ecosystem. The technology advancement will achieve more efficient freight tracking, enhanced capacity monitoring, provide reliable, standardized tracking of fleet or vehicle performance history, create simpler carrier onboarding, and generate more dependable load boards.
Right now, there are many steps to transport and far too much inconsistency. This is in part due to the many moving pieces involved in this sector, including but not limited to thousands of carriers and shippers moving items across land or water using trains, boats, and airplanes. In addition to this, there are also freight brokers and forwarders, 3PLs, customs agents, insurance providers, and, of course, customers. Though all in the same business line, many of these parties do not have much information on one another but still passively interact throughout the duration of the shipment process. Overall, there is no standardization and too much room for error throughout this current process. With blockchain technology, data can now be spread across massive networks and can assist to bridge the gaps in the current process.
About Yasmin Bashirova
Ms. Yasmin Bashirova is the Chief of Staff at Shift Technologies, Inc., an e-commerce startup on a mission to bring trust and simplicity to the peer-to-peer used car market. She graduated from Stanford University with an M.S. and B.S. in Energy Resource Engineering. After graduation, Ms. Bashirova worked as an Investment Banking Analyst at Goldman Sachs in New York City, where she provided data-driven financial analyses for capital decisions such as M&A deals, IPOs, and LBOs.