UPS Bets on Blockchain
UPS has announced that it is to join the Blockchain in Transport Alliance (BiTA), a forum for the development of blockchain technology standards and education for the freight industry.
The move by one of the world’s largest shippers points towards greater strength in blockchain as a solution for the supply chain of the future.
Blockchain is a decentralized and distributed digital ledger that is used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the collusion of the network.
The solution allows multiple parties to be part of a data stream.
BiTA aims to drive standards development within the shipping industry as a whole by implementing a secure blockchain system.
According to Tech Crunch, the reason UPS is making the move toward blockchain now is that “they want to be a part of the revolution.
“They want to play an instrumental role in developing the smart logistics network of the future. And they recognize that if they don’t get their foot in the door, someone else will.”
Read a technical paper by Mika Lammi, Head of IoT Business Development with Kouvola Innovation, on Smartlog: Piloting Blockchain for Logistics
Blockchain is likely to be a key issue at the upcoming PTI Container Terminal Automation Conference when delegates and speakers from around the world will analyse the future of the supply chain.
The technology caused quite a stir at the previous conference as it provides a platform on which the multiple players within the supply chain can leverage data in a smart and efficient way.