UPS has long championed itself as a leader when it comes to logistics.
To leverage its logistics operations that are key to its package delivery operation, the global, multifaceted company sees Blockchain as another solution in its efforts.
As it settles on the best options to improve its services, UPS has joined the Blockchain in Trucking Alliance (BiTA). This is a forum that focuses on the development of Blockchain technology standards and education for the freight industry.
BiTa as a solution
BiTA originated from a group of tech and transportation executives looking for ways to develop Blockchain standards and education for the freight industry. The goal is to bring together leading companies in the freight technology industries that have a vested interest in the development of Blockchain technology.
So far the forum boasts having more than 200 companies applying for membership.
All about logistics
UPS sees Blockchain as eventually being an integral part of its logistic strategies.
Linda Weakland, the company’s director of enterprise, architecture and innovation, said in a statement:
“Blockchain has multiple applications in the logistics industry, especially related to supply chains, insurance, payments, audits and customs brokerage. The technology has the potential to increase transparency and efficiency among shippers, carriers, brokers, consumers, vendors and other supply chain stakeholders.”
UPS can’t ignore Blockchain’s security
UPS views Blockchain as a truly disruptive technology that could change many facets of global commerce. That’s driving its motivation to explore Blockchain applications in its customs brokerage business.
Blockchain technology would help by improving transaction accuracy and by replacing existing paper-heavy and manual processes. This will benefit all parties involved in the transactions. Such an application would be highly secure and would generate valuable efficiencies for shippers who rely on UPS for customs brokerage. -UPS
As one of the world’s largest customs brokers, UPS also sees Blockchain as being key to it meeting its objective to digitize transactions. This includes physical assets, like transportation containers, or virtual assets, like digital currencies.
Blockchain would benefit all parties involved in the transactions UPS is handling. The security of it would generate what UPS perceives to be “valuable efficiencies for shippers who rely on UPS for customs brokerage.”