The Blockchain Center for Excellence A whitepaper was recently published at the University of Arkansas showing the success of blockchain software that virtually eliminates billing disputes between shippers and carriers and enables carriers to get paid faster.
Blockchain is a digital list of linked and verified records. According to Statista, global spending on technology will grow from $ 1.5 billion in 2018 to $ 15.9 billion in 2023.
The whitepaper “Requiem for Voting: DL Freight, a Blockchain-Enabled Solution from Walmart Canada and DLT Labs” was completed by Mary Lacity and Remko van Hoek, professors at Sam M. Walton College of Business. Lacity is director of the Blockchain Center for Excellence, and van Hoek is executive director of the Supply Chain Hall of Fame of the Council of Supply Chain Management Professionals in Rogers.
Lacity said a case study on DL Freight began in November after Walmart Canada and DLT Labs unveiled it.
“This is an amazing case study,” she said. “They delivered a lot of business value very quickly.”
Walmart Canada partnered with DLT Labs to develop DL Freight, a blockchain-enabled freight billing and payment process software that reduced disputes from 70% to less than 2%.
Carriers pay a fee to use the software, and the incentive is that they get paid weeks to months faster because “they don’t have to do reconciliation,” Lacity said. “This solution shares the records and the invoice is generated along the way.”
The importance of the study shows that it is possible, she said. Tens of thousands of experiments have been conducted with blockchain for business, and this one is live and has business value for all participants. If other companies copied this, more companies would take advantage of blockchain technology, she added.