Blockchain technology has once again found a new application, this time in courier services.
UPS and Blockchain
The United States Postal Service has recently applied for a patent to enable it to utilize blockchain technology in its international tracking.
This is because UPS packages go through multiple handlers in their lifetime and the use of this technology can enhance its tracking capabilities.
The patent was applied for on Thursday, and if it goes through, could set a precedent for alternative uses for blockchain technology that could find its place in other industries and for different applications.
What Does it Do?
While the patent is for technology to track packages, it does far more than just that.
First of all, the technology will be heavily involved in the storage of data. This includes storing the point of origin of the packages as well as their destinations. The shipping parameters will also be recorded in the platform.
This relies on the same technology that helps to track the origins of various cryptocurrencies and creates the system of transparency that cryptocurrency is known for.
The technology also helps to generate transportation plans for the packages and also reports the completion of the shipment and manages payment as well.
This allows the entire shipping and tracking process to become centralized and managed from a single system.
New Crypto Alliances
While this new patent is one of the first of its kind In this industry, it is not the first time UPS has delved into the world of cryptocurrency.
A few months ago, UPS made a move to join the Blockchain in Trucking Alliance (BiTA).
The alliance aims to improve efficiency in shipping transactions. So far, one of the alliance’s most significant goals has been to integrate blockchain technology to enhance their business efficiency carefully.
According to the patent application, the need for the technology is that customers are demanding more transparency in the process of shipping their packages and because multiple handlers and this technology handle packages will solve this problem.
In addition to the efficient tracking, the technology also helps remove the margin of human error as it independently helps to determine the most optimal routes for package transportation.
The various payments to be made are tracked through the transportation process, and this helps both tracking and payment to be streamlined.
Cryptocurrencies such as bitcoin and ether will also be accepted on the platform.