UPS Wants to Set Blockchain Standards for Freight Industry

UPS, and its subsidiary Coyote Logistics, have joined the Blockchain in Trucking Alliance (BiTA), throwing their considerable weight behind the development of blockchain technology standards and education for the freight industry.

Before blockchain becomes a standard industry tool, the logistics industry will have to adopt standards and protocols to enable blockchain platforms to operate together with established technologies, the integrator said. Also, those standards and protocols need to be agreed on and implemented across the board or else companies’ computers won’t be able to talk to each other.

“Blockchain has multiple applications in the logistics industry, especially related to supply chains, insurance, payments, audits and customs brokerage,” said Linda Weakland, UPS director of enterprise architecture and innovation. “The technology has the potential to increase transparency and efficiency among shippers, carriers, brokers, consumers, vendors and other supply-chain stakeholders.”

UPS said it is exploring blockchain applications in its customs brokerage business, which will help simplify the task of digitalizing airfreight transactions.

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Before blockchain becomes a standard industry tool, the logistics industry will have to adopt standards and protocols to enable blockchain platforms to operate together with established technologies, the integrator said. Also, those standards and protocols need to be agreed on and implemented across the board or else companies’ computers won’t be able to talk to each other.

“Blockchain has multiple applications in the logistics industry, especially related to supply chains, insurance, payments, audits and customs brokerage,” said Linda Weakland, UPS director of enterprise architecture and innovation. “The technology has the potential to increase transparency and efficiency among shippers, carriers, brokers, consumers, vendors and other supply-chain stakeholders.”

UPS said it is exploring blockchain applications in its customs brokerage business, which will help simplify the task of digitalizing airfreight transactions.

Read Full Article