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Blockchain & Cryptocurrency

UPS Plans to Use Blockchain to Improve Logistics

The Infinite Brief
According to documents published by the US Patent & Trademark Office (USPTO), UPS has applied for a patent that utilizes blockchain and distributed ledger technology (DLT) to route packages throughout an international supply chain that may include multiple carriers.

The patent application, which UPS originally filed on Feb. 16, explains that while shipping logistics providers have become quite adept at optimizing package routing to increase efficiency and minimize costs, it is still difficult to coordinate logistics for shipments that involve more than one logistics service provider transportation network.

UPS aims to tackle this problem with an autonomous system that uses an immutable blockchain ledger to automatically route packages through multiple logistics service provider networks.

As the package travels to its destination, information about the shipment will be recorded in the blockchain ledger, allowing the system to rate whether service providers are meeting the obligations of their respective service offerings.

Curated from CCN

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