UPS (United Parcel Service) interest in Blockchain
This may be old news in the Blockchain community, but worth bringing up.
United Parcel Service (UPS) is known as a bellwether when it comes to the strength or weakness of the economy in general.
It's important to note their interest in Blockchain and the patent application already filed.
Using blockchain technology to plan package routes and track them globally, as they are handled by multiple carriers.
UPS and e-commerce technology company Inxeption have jointly released a blockchain-powered platform to improve merchant supply chains in March of 2019.
The platform enables merchants to monitor the entire supply chain from product listing to delivery, ensuring that sensitive data, like contract-specific pricing and rates, are only accessible to the buyer and seller.
Competitors and customers should take note; many think blockchain is the future.
"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 in a press release. “The technology has the potential to increase transparency and efficiency among shippers, carriers, brokers, consumers, vendors and other supply chain stakeholders."
These investments into blockchain are laying the groundwork for a transition that some are not aware of or prepared for.
Maersk Line, the world’s largest container-shipping company, has already teamed up with IBM to apply blockchain to track its cargo shipments in order to reduce the mountains of paperwork associated with each shipment.
The future of logistics and shipping will be heavily dependent on blockchain. Even though adoption is slow, and the contrarian arguement for blockchain is that completely revamping tracking for the freighting industry will be too massive an undertaking, industry leaders are already recognizing the potential of using blockchain to track supply chains.
UPS notes it believes the technology "could change many facets of global commerce."
Carriers and shippers are optimistic that advances in blockchain technology will support the industry’s growth for years to come.
Are we ready for that change?