110-year-old United Parcel service (UPS) will use Blockchain to simplify logistics
It seems that even the old companies are starting to see the advantages of the use of blockchain technology Now it was United Parcel Service ( UPS ), a centenarian company with 110 years of existence to start using the advantages blockchain.The company will use the generalized accounting technology to simplify the package logistics delivery services through the supply chains
This information was released by the USPU (US Patent & Trademark Office) this week. The company, which based in the state of Georgia, has applied for a blockchain patent. , the company will use the technology to route packets around an international supply that can include multiple couriers. This new patent was filed on February 16, 2018.
The Blockchain To Help Logistics Systems
According to the patent developed by the company, shipping logistics using blockchain technology is now more common but is often not able to fully increase efficiency and minimize costs by coordinating logistics for shipments that may involve different types of logistics services.
As the authors of the UPS patent explain blockchain technology can be extremely useful for cases where it is beneficial to simultaneously use different service providers to transport shipments and help coordinate movements of the product. With the help of blockchain, these processes can be done in a more efficient way.
An autonomous system that uses Blockchain technology
According to the UPS, all these problems could be solved or at least have their efficiency improved by using blockchain technology in a stand-alone system with an immutable blockchain ledger that can route automatically packets through multiple logistics service providers and their network services.
In this way, as soon as a package is scanned and inserted into the network, the system will choose the best routes that can be used to connect to shipping providers and increase delivery efficiency. All information will be stored on the blockchain, so it is also a great way to keep track of all the information and do not lose the object along the way, as you can always see where the package is.
The author of the blockchain patent said that this system could also be used to interconnect DLT networks that could use smart contracts or similar technology to automatically pay for many parts of the supply chain as soon as they finish their parts in the process . The patent states that the system could also be used on a blockchain that has already been developed.
Using this system, the company could use Bitcoin, Ethereum or Litecoin, for example, to automatically pay companies along the chain supply as soon as they do their part. By deciding the routes and paying automatically, this technology could help the UPS to automate much of the shipping process and, therefore, save a lot of money.