Wednesday, 19 September 2018

UPS Files Blockchain Patent To Track Package Delivery

Shipping giant United Parcel Service or UPS has filed for a new patent to use blockchain to assist in simplifying package delivery around the world.

As per the documents published by the US Patent & Trademark Office or USPTO, the company has developed a system that utilizes blockchain and distributed ledger technology or DLT to dispatch packages worldwide using multiple carriers.

Georgia-based UPS originally had filed the patent application on February 16. The concept, entitled "Autonomous services selection system and distributed transportation database(s)," involves storing numerous types of data within a distributed ledger network. These includes information about a package's destination, its movement and transportation plans for shipment units.

In the system, the company suggests using more than one distributed ledger to track a range of shipment orders, each providing varying information/data regarding respective asset types (e.g., shipment units and/or associated shipment units).

UPS had shipped more than 5 billion packages and documents last year, generating $54 billion in revenue.

In 2017, the parcel services firm had joined a transportation-focused blockchain consortium.


source:  RTTNews 
Legal disclaimer: The insight, recommendations and analysis presented here are based on corporate filings, current events, interviews, corporate press releases, and what we've learned as financial journalists. They are presented for the purposes of general information only, and all the information belongs to the original publishers. These may contain errors and we make no promises as to the accuracy or usefulness of the information we present. You should not make any investment decision based solely on what you read here.

Creamcoin Marketcap