Freight forwarding giant plans to track ledgers
UPS is reportedly planning to use blockchain as part of a distributed system for sending packages worldwide through the global shipping chain, according to Coindesk.
A recently filed patent, titled ‘Autonomous services selection system and distributed transportation database(s),’ shows the concept involves storing numerous types of data within a distributed ledger network.
Stored information includes information about a package's destination, its movement and transportation plans for shipment units.
UPS wrote in a statement that it plans to track several ledgers "...each providing varying information/data regarding respective asset types (e.g., shipment units and/or associated shipment units).
"Thus, certain embodiments enable tracking of a first set of shipment units and a second set of shipment units associated with the first set of shipment units separately, thereby enabling the use of various smart contracts relating to shipping services and shipment unit handling in a bifurcated manner.”
UPS is one of the biggest freight forwarders in the world, recording a revenue of $54 billion in 2017.
Read more: UPS to Develop e-Truck