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UPS joins blockchain alliance

ATLANTA: November 07, 2017. UPS has joined the Blockchain in Trucking Alliance (BiTA), a forum for the development of blockchain technology standards and to provide education to the freight industry.

Nikola One cabBlockchain is a digital database using blocks that are linked and secured by cryptography that can be used to keep a record of any physical or virtual asset including transportation containers or digital currencies.

UPS thinks blockchain standards and intercompany collaboration will enable customers to better participate in future 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," she added.

As a disruptive technology that could change many aspects of global commerce, UPS is exploring blockchain applications for its Customs brokerage business. The company said it wants to leverage the technology to facilitate execution and visibility of trusted transactions between its customers and government agencies.

More than 300 companies have applied for membership to BiTA. Current members include U.S.Xpress, C,H. Robinson, Bridgestone, Transflo and Arrive Logistics.

Pictured: the hydrogen-powered, zero emissions Nikola One truck cab developed in conjunction with Bosch. U.S.Xpress plans to introduce the vehicle in 2020.

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