International package delivery and supply chain management company, UPS, has said that 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 has recognised the need to create industry standards and protocols to enable blockchain platforms to operate together with established technologies.
“Blockchain, a digital database using blocks that are linked and secured by cryptography, can be used to keep record of any information or assets,” UPS said in a statement. “This includes physical assets, like transportation containers, or virtual assets, like digital currencies.”
The company has explained that it aims to leverage blockchain technology to facilitate execution and visibility of trusted transactions between itself, its customers and government customs agencies.
“Blockchain has multiple applications in the logistics industry, especially related to supply chains, insurance, payments, audits and customs brokerage,” said UPS Director – Enterprise Architecture and Innovation, Linda Weakland. “The technology has the potential to increase transparency and efficiency among shippers, carriers, brokers, consumers, vendors and other supply chain stakeholders.”