UPS builds on blockchain
UPS has joined the Blockchain in Trucking Alliance (BiTA), a forum for the development of blockchain technology standards and education for the freight industry. The company 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.
In particular, the express provider 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 will be highly secure and will generate valuable efficiencies for shippers who rely on UPS for customs brokerage. (mw)