UPS has joined the Blockchain in Trucking Alliance, a forum for the development of blockchain technology standards and education for the freight industry.
According to UPS, there is a need to create industry standards and protocols to enable blockchain platforms to operate together with established technologies. Blockchain standards and inter-company 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, director of enterprise architecture and innovation at UPS. “The technology has the potential to increase transparency and efficiency among shippers, carriers, brokers, consumers, vendors and other supply chain stakeholders.”
UPS is exploring blockchain applications in its customs brokerage business, where blockchain will improve transaction accuracy and replace paper-heavy and manual processes. This will benefit all parties involved and be highly secure, improving efficiency for shippers.
More than 300 companies have applied for membership to the BiTA.