Technology in business continues to evolve and disrupt major companies and markets. If you need confirmation of that point, just look at the top 10 retailers fifteen years ago compared to today’s list. Nearly all the largest retailers from a bygone era have either closed or filed for bankruptcy. They have been replaced by an online retail model that emphasizes convenience and nearly unlimited options. Think about what Uber has done to the taxi industry, or Facebook to the advertising market. Yes, technology is not only here to stay, but will continue to influence nearly every part of our lives, and business is not immune.
In fact, for business, it becomes even more imperative to stay attuned to these changes and differentiate between passing fads versus a truly transformative technology. One such example has been the introduction of blockchain, originally devised for the digital currency, Bitcoin. The blockchain technology has since exploded with a vast number of other potential uses and varying platforms. However, many main stream businesses have been very slow to adopt this technology, often taking a wait and see mentality. And rightly so, if a company is not careful, they could recklessly spend substantial resources, time and money, pursuing a technology that could ultimately be a passing fad. Or worse, bet on a technology that the market doesn’t assimilate and find them with a worthless platform.
Blockchain, however, in many ways is revolutionary. It doesn’t address make believe problems or over exaggerated inconveniences, but rather, the real-world challenge that nearly every transaction involves, that of trust and incorruptible data. Yes, every transaction of value has the potential to be corrupted or compromised in today’s digital world. Therein lies the genius of blockchain. It is a decentralized digital ledger that can guarantee the validity of a transaction through it distributed registers and secure validation mechanism. Simply put, it brings the highest level of accountability to every transaction. With such an essential key attribute, how could blockchain be anything other than a revolutionary new technology that will eventually need to be embraced?
It’s been with this core belief, that MGN Logistics, based out of Easton, Pennsylvania has been pushing forward with the logistics industries first blockchain based Transportation Management System (TMS). An early adaptor of web-based technology and one of the first companies to launch a fully automated on-line freight platform called LogisticsQuote, MGN has continued to bring to market cutting edge technology for the transportation space. These innovations include its’ award winning TMS, big data truckload and LTL pricing apps, sophisticated business intelligence KPIs and hundreds of API connections. The company has grown organically and through a series of private party acquisitions, including offices in Pennsylvania, New Jersey, Massachusetts, Michigan, Florida, and the Dominican Republic.
The company’s current undertaking entails utilizing blockchain’s incorruptible ledger to synthesize with transportation related transactions. With many transportation processes still being very manual and the high level of human error or even fraud in the market place, MGN felt it was ripe timing to introduce a new robust TMS that offered its users and those interfaced with a higher level of accountability, true end to end visibility and greater degree of automation. While several companies in the space have been focused on the international application, MGN has concentrated on the domestic LTL and truckload markets where their blockchain technology would be first to market.
Today, with fraudulent double brokered loads on the rise, and shippers losing visibility into this process, we envision a platform that would end double payments for loads that have been delivered. We are creating a technology; we believe will end the insanity of tending a load of value to a carrier or broker with potentially little or no validation of who they are. We are creating a platform based on blockchain technology that will provide the most secure transportation transactions on earth. And we have a track record of not just talking or envisioning but delivering on those innovations.
About the author:
Company founder, Matthew Telesca serves as the President and CEO of MGN Logistics, Inc. Telesca is a serial entrepreneur, investor, and tech enthusiast, who sold his first company by age 32. A five-time recipient of Inc. Magazine’s prestigious Fastest Growing Private Companies in America award, and two-time nominee for CEO of the year, Telesca is a long-time member of The International society of Logistics. He was selected as one of the top 50 most creative CEOs to watch in 2016 and has been featured in numerous technology and logistics magazines.