MSRvantage, a start-up, was founded by MSRcosmos, a company based in the United States. The start-up offers AI-enabled blockchain solutions such as anti-counterfeit management, intelligent supply chain solutions through improved traceability, digitization of assets and reward deployment, etc. It is set to fundamentally transform the logistics industry by leveraging artificial intelligence and blockchain to address the myriad challenges facing the industry such as supply chain management, document maintenance and coordinating the management of vehicles across multiple locations.
There is a growing demand for supply chain and logistics solutions globally. Due to insufficient visibility of a product's origin, mishandling of assets, limited transparency, and certification and security concerns, global supply chain businesses face various challenges. This has resulted in greater knowledge and testing of the supply chain than ever before. This test has shown the fragility of modern supply chains, and many organizations have found themselves unable to adapt quickly, creating a crisis in itself. When managing finances and operations, fuel and freight account for about two-thirds of logistics expenses. To boost the bottom line, supply chain and logistics managers must optimize those expenses. MSRvantage's blockchain technology has the potential to address all of these challenges as it provides transparent and reliable data that can help shippers respond to market changes to control transportation costs and outcomes. Shippers can set up a revolutionary strategy for their firm by bringing in greater transparency in fuel and freight charges.
MSRvantage also provides exceptionally efficient supply chain management as it uses blockchain to facilitate communication between parties which further simplifies the process, with shorter lead times, less redundancy, fewer delays, and ultimately, a Lean supply chain. Blockchain also ensures that quality standards are met, giving the seller greater end-to-end control over the creation of the product.
MSRvantage also offers blockchain as the ideal tool for managing the comprehensive database on customers, partners, distribution histories and catalogs, which each logistics firm maintains because every transaction that occurs on the blockchain network is accessible to everyone on the network. . Nothing can be eliminated if it is not detected. This transparency eliminates the areas of fraud like double broking. With blockchain, shippers can securely track the creation and modification times of a document or transaction using the widespread practice of notarization and non-repudiation while verifying authenticity.
Geolocation tracking is an undeniable requirement for the operation of automobiles in the logistics industry as it ensures reliability. MSRvantage addresses this need by using blockchain to coordinate the management of vehicles across multiple locations because ELDs can communicate a stream of driver behavior and route data to a blockchain. Combining this information with traffic and weather data gives carriers and shippers a tool to improve routing.
MSRvantage also ensures supply chain transparency, which is one of the top priorities of the logistics industry, and requires the collaboration of multiple stakeholders to achieve a goal. This gets even more difficult in a global and fast-paced setting. Their blockchain is the perfect technology to overcome this challenge as it is a distributed database that encourages true transparency. Accurate data collected digitally increases responsibility and trust between the parties. This results in a simpler process with shorter lead times, less redundancy, fewer delays, and ultimately, a leaner supply chain. Blockchain also ensures that quality standards are met, providing greater control over logistics.
Mr. Sivagopal M, Founder and President, MSRvantage commented on why blockchain is the future of the logistics industry, “Sustainability is emerging as one of the top priorities of all industries, and this includes the logistics industry. MSRvantage is able to reduce carbon emissions, save significant amounts of energy, without sacrificing profits and industry growth, by making the supply chain more transparent and efficient with services such as smart contracts, tracing solutions, asset digitization, incentives and loyalty programs can help. That is why it is only a matter of time before the entire industry adopts blockchain technology, as sustainability will become increasingly important in the future.”
MSRvantage's blockchain, in the form of a digital ledger, can help reduce energy consumption by creating a database that can store vehicle information to aid in the selection of the proper fuel for the right vehicle. In addition, blockchain and the Internet of Things can be used for vehicle-to-vehicle communication, allowing cargo vehicles to communicate as platoons, increasing security and fuel efficiency.
The logistics industry needs security above all, which MSRvantage can provide because their blockchain is built on the concept of secure "blocks", which are temporarily created versions of the document associated with the previous block. As a result, they are extremely secure and are impossible to counterfeit. This is important because as data storage moves to the cloud, there is an extreme need to protect cloud data and applications. Failure to manage cloud access exposes organizations to major IT risks, such as giving users excessive privileges or, worse, leaving cloud storage repositories open and accessible to anyone. Employee inventory theft, especially at distribution centres, remains a major concern for supply chains. Since blockchain provides a good authentication route with verification, no one can tamper with the data. Furthermore, because it is possible to keep track of all deliveries and track them in real time, blockchain has the potential to dramatically improve the consumer experience in the logistics business.
Another issue that businesses face is disputes over high ancillary rates. Carriers are invoicing accessories like residential, liftgates and inside deliveries more than ever, which can make audits a frustrating and time-consuming process. MSRvantage's blockchain can help the logistics industry resolve freight disputes. Disputes are inevitable in cargo shipping. This can happen if the products are lost or arrived late. Disputes are difficult to resolve and can persist for weeks before being resolved. All this necessitated an increase in the company's resource expenditure. With immutable data and real-time cargo information, their blockchain services can help resolve conflicts more quickly. Many disagreements can be resolved in minutes using automation and reliable data. It also assists businesses in resolving customer issues.