UPS Joins Top Alliance To Create Blockchain Standards For Logistics
November 07 2017 - 11:00AM
UPS (NYSE:UPS) today said it has joined the Blockchain in Trucking
Alliance (BiTA), a forum for the development of blockchain
technology standards and education for the freight industry.
UPS sees the need to create industry standards and protocols to
enable blockchain platforms to operate together with established
technologies. In the future, blockchain standards and intercompany
collaboration will support the logistics strategies that enable UPS
customers to participate in global trade and finance.
“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, which is investing in capacity and leading operations
technologies to build the Smart Logistics Network of the future,
views blockchain as a truly disruptive technology that could change
many facets of global commerce.
In particular, UPS is exploring blockchain applications in its
customs brokerage business. UPS is one of the world’s largest
customs brokers, and a key objective of its brokerage strategy is
to digitize transactions. 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 wants to leverage blockchain technology to facilitate
execution and visibility of trusted transactions between UPS, its
customers and government customs agencies. Blockchain, a
digital database using blocks that are linked and secured by
cryptography, can be used to keep record of any information or
assets. This includes physical assets, like transportation
containers, or virtual assets, like digital currencies.
More than 300 companies have applied for membership to BiTA.
Now, UPS and Coyote Logistics, a technology-driven, non-asset based
truckload freight brokerage company that UPS acquired in 2015, are
BiTA members.
About UPS
UPS (NYSE: UPS) is a global leader in logistics, offering a
broad range of solutions including transporting packages and
freight; facilitating international trade, and deploying advanced
technology to more efficiently manage the world of business.
Headquartered in Atlanta, UPS serves more than 220 countries and
territories worldwide. The company can be found on the web
at ups.com and its corporate blog can be found
at longitudes.ups.com. To get UPS news direct,
follow @UPS_News on Twitter.
Kyle Peterson
404-828-4626
kylepeterson@ups.com
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