Blockchain and IoT Based Disruption in Logistics

Blockchain technology along with Internet of Things (IoT) and Cloud Computing is expected to cause disruption in the existing business processes at unprecedented scale. Smart Contracts which represent business logic are consolidated by blockchain architecture. A smart contract is a self-executing program that may be triggered on events generated by IoT sensors, actuators or tags. Blockchain and smart contracts which find their optimum suitability in multiparty arrangements are anticipated to bring a paradigm shift in the domains of Supply-chain and logistics. This paper presents a comprehensive analysis of the disruptive innovation happening in the logistics processes due to blockchain, smart contracts and Internet of Things. We highlight the some of the most important Key Performance Indicators (KPIs) of the logistics domain being positively affected due to this digital disruption and the required characteristics in the blockchain technologies for this paradigm shift to take place.