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Giant delivery United Parcel Service (UPS) is exploring the use of blockchain technology for global supply chain logistics. The US Patent & Trademark Office (USPTO) published Thursday papers showing how the 110-year delivery company can distribute blockchain, distributed ledger technology (DLT) and cryptocurrencies like Bitcoin, Ethereum, Litecoin, Ripple and Dogecoin for improve its services and streamline complex procedures.
UPS filed the original patent application on February 16th. The authors describe in detail how the company could solve problems related to the complex logistics of a "dispatch unit that contains at least one shipping unit through one or more transport networks corresponding to one or more operators." [19659003] Using blockchain technology, DLT and cryptocurrencies across the global supply chain, linking multiple operators, often with different management instructions, the company believes it could reduce costs and be more efficient.
According to the filing,
"The distributed accounting system can incorporate a single blockchain configured for storing all transactical transactions in it, or the distributed ledger system may comprise a plurality of blockchains, in which each blockchain is used to store information / data indicative of a particular type of transaction.For example, a first blockchain can be configured to store information / shipping data / traceability of shipping units and a second blockchain can be configured to store information / data of value transfer (for example, through a virtual currency) .Therefore, various embodiments may include and / or use digital currency / resources represented by general ledger items.These digital currencies / assets (e.g., Bitcoin, Ether and / or similar) can in themselves have value that can be exchanged for various shipping units, services and / or similar. Such digital currency / assets can then be used as currency in various transactions. Furthermore, various embodiments may use and / or include various currencies / digital resources that can be exchanged per dispatch unit and / or information / data having a defined value. "
The authors also note that several cryptocurrencies, including Litecoin, Ripple and Dogecoin, could be used in connection with smart contracts that are used to transfer value along the supply chain.
They write, [19659006] "Smart contracts can be configured for execution based on various trigger events, information / parameter data, shipping units or shipping unit conditions (for example, as indicated by the unit of shipment and / or information / data related to the shipping unit stored inside one or more books distributed (distributed) and / or similar. In various embodiments, smart contracts can be executed by value transfer (for example, reflected in a separate distributed ledger corresponding to a virtual currency, such as Bitcoin, Ethereum, Litecoin, Ripple, Dogecoin and / or the like), initiate a particular action (for example, executable entirely within the distributed ledger and / or at least partially executable outside the distributed ledger, for example, initiating a transfer of currency through traditional banking institutions) and / or similar. Examples of such smart contracts for value transfer are described below. It should be understood that such value transfers are merely exemplary of various intelligent contracts that can be executed as part of a distributed accounting system as described herein, and these examples should not be construed as limiting. "
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Using DLT technology, UPS could transform its business by 110 years, allowing the company to independently match a shipment to an operator based on the shipping data contained in a smart contract, streamlining the network and removing friction on multiple segments, segments and delivery junctions
The new system could also help compete with the Amazon technology giant.
In February, Amazon launched a new delivery, Shipping with Amazon (SWA), designed to compete with UPS and FedEx Pilot tests would be conducted in London and Los Angeles
Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. do their due diligence before making high risk investments in Bitcoin or cryptocurrency.Your transfers and exchanges are at your risk. I'm at your expense. Keep in mind that The Daily Hodl participates in affiliate marketing.
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