“Blockchain is helping us do that and to vet those carriers and make sure we have the right players in the right place.” – 01:46
Steve Vest, Nationwide Equipment Transportation, joins Remy Blaire at the New York Stock Exchange to discuss the significant impact of blockchain technology on the transportation and logistics sectors, highlighting its potential to address various industry challenges.
Remy begins by introducing the topic, noting how blockchain is not only dominating the tech landscape but is also making strides in unlikely sectors such as transportation and logistics. Steve shares insights into how blockchain is being utilized to track freight, secure paperwork, run smart contracts, and expedite carrier onboarding. He emphasizes the technology’s ability to provide reliable data records, enhance vehicle and equipment tracking, and streamline customs and payment processes.
As the conversation unfolds, Steve discusses the pressing issue of fraud within the industry, particularly in the aftermath of the COVID-19 pandemic. He explains how blockchain helps mitigate fraud by establishing a network that ensures the integrity of transactions and the identities of the players involved. This, in turn, allows for faster payments to drivers and carriers, who often face significant expenses related to fuel and maintenance.
Remy and Steve delve into the importance of compliance and security in transportation, with Steve highlighting the industry’s ongoing efforts to create a safe environment that minimizes theft and fraud. He notes that while the industry is still in the early stages of blockchain adoption, there is a collective effort among shippers, brokers, and carriers to combat fraud and build trust within the network.