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Although the overall cryptocurrency market has declined by around 70 percent since January 2018, the interest in blockchain-based technology is gaining strength. Another big company, UPS, demonstrates its serious intentions to implement DLT in its operations.
UPS Boards the Blockchain Bandwagon
The UPS shipping giant has filed an application for a patent at the US Patent and Trademark Office. [19659004] The company seeks legal protection for a system that uses blockchain-based technology to store different types of information within a general ledger network. Data includes details on the destination of the package, its actual movements, as well as transportation plans and others. The patent reads:
An exemplary method includes the reception and storage in a distributed accounting service offered for the transport of a dispatch unit; receiving and storing in a shipping unit data item of the distributed ledger comprising an origin, a destination and transport parameters; matching the service offerings stored in the ledger distributed to the shipping unit data to generate a transport plan for transporting the shipping unit in accordance with the shipping unit data […]
Blockchain in the shipping industry
UPS is not the first major company to explore the possibilities of master books distributed in the naval industry.
The Commonwealth Bank of Australia (CBA) has recently shipped and traced 17 tons of almonds with distributed general led technology, as well as smart contracts and the Internet of Things (IoT). The project was carried out in collaboration with five international and national supply chain leaders. Speaking on the topic, CBA CEO of Industrials and Logistics in customer coverage Chris Scougall said:
Our blockchain-based global trading platform experiment gave life to the idea a modern global supply chain that is agile, efficient and transparent. We believe that blockchain can help our partners reduce the administrative burden of their business and enable them to offer better services to their customers.
How do you think blockchain technology can improve the shipping industry? Do not hesitate to let us know in the comments below
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