Despite the fact that the overall cryptocurrency market has declined with around 70 percent since January 2018, interest in blockchain-based technology grows stronger. Yet another major company, UPS, demonstrates its serious intentions for implementing DLT in its operations.
UPS Boards the Blockchain Bandwagon
The shipping giant UPS has filed an application for a patent with the US Patent & Trademark Office.
The company seeks legal protection for a system which takes advantage of blockchain-based technology for storing different types of information within a distributed ledger network. The data includes details about the package’s destination, its actual movement, as well as transportation plans and others of the kind. The patent reads:
An exemplary method comprises receiving and storing in a distributed ledger service offers for transporting a shipment unit; receiving and storing in a distributed ledger shipment unit data comprising an origin, a destination, and transportation parameters; matching service offers stored in the distributed ledger to the shipment unit data to generate a transportation plan for transporting the shipment unit in accordance with the shipment unit data […]
Blockchain in the Shipping Industry
UPS is not the first major company to explore the possibilities of distributed ledgers in the shipping industry.
The Commonwealth Bank of Australia (CBA) recently shipped and tracked as much as 17 tons of almonds using distributed ledger technology, as well as smart contracts and Internet of Things (IoT). The project was carried out in collaboration with five international and domestic supply chain leaders. Speaking on the matter, CBA Managing Director of Industrials and Logistics in Client Coverage Chris Scougall said:
Our blockchain-enabled global trade platform experiment brought to life the idea of a modern global supply chain that is agile, efficient and transparent. We believe that blockchain can help our partners reduce the burden of administration on their businesses and enable them to deliver best-in-class services to their customers.
How do you think blockchain technology can enhance the shipping industry? Don’t hesitate to let us know in the comments below!
Images courtesy of Shutterstock.
