UPS Believes Blockchain is the Future of the Shipping Industry

    Author Samara MalkinPosted on Categories Transportation & Logistics, IndustrialsTags , , , , , , , , , , , , , , , ,
    transportation and logistics, transportation and logistics companies, transportation and logistics industry, logistics transportation companies, transportation logistics industry, transportation and logistics investing, transportation and logistics investment banking, logistics and transportation industry, logistics investment banking, transportation investment banking, investment banking industrials group, transportation and logistics industry, transportation logistics industry, logistics investments, editorial, prconnect

    The use of blockchain technology could be a way to improve the current supply chain for deliveries, as it would be able to provide a cheaper and more efficient logistics management system. UPS (NYSE:UPS) is just one of the many companies that believe blockchain will be the future of the shipping industry.

    UPS just announced that they would be joining the Blockchain in Transport Alliance (BiTA), a group focused on developing blockchain technology standards and education for the freight industry. BiTA is looking to start a full-on secure blockchain system that will help optimize the standards of the shipping industry.

    UPS clearly wants in while the “in” is still there to get. It doesn’t want to be left behind when this new sector suddenly takes off.

    But why blockchain? Well, blockchain technology is capable of creating shared space for data. More than that, they create networks that have no single point of failure, with incorruptible data, and that can be maintained by multiple parties. Blockchains allow for a more secure and transparent form of data storage.

    The shipping industry is in desperate need of a serious update. Different parts of the chain are run by different sectors completely, which can cause breaks that result in a package being lost or delayed. Blockchain technology would be able to solve all of that. Blockchain increases not only transparency, but also efficiency, making the process more cost-effective for everyone.

    Featured Image: depositphotos/ricochet69

    Author Samara Malkin
    About the author: Samara graduated from Simon Fraser University with a BA in English, minoring in Publishing and Creative Writing. One day she hopes to publish her very own novel, but in the meantime, she contents herself with blogging and editing. She currently specializes in writing financial news and analysis, as well as cryptocurrency news and information.