UPS To Use Blockchain Technology to Track Global Shipping Data

The U.S shipping giant, UPS has applied to patent a blockchain technology it intends to employ as a distributed system for sending packages around the world.

The patent application which was published on Aug. 16 by the U.S. Patent and Trademark Office (USPTO) reveals the company’s interest for using blockchain to re-invent package shipments around the world.

Dubbed “Autonomous services selection system and distributed transportation database(s),” the idea includes storing various kinds of data within a distributed ledger network, including data about a package’s location, its development and transportation gets ready for shipment units.

As CoinDesk reported before, UPS joined a transportation-focused blockchain consortium in 2017 and has even alluded to allowing bitcoin as a form of payment for its services.

According to reports, UPS prefers using more than one distributed system to help track a scope of shipment orders, “each providing varying information/data regarding respective asset types (e.g., shipment units and/or associated shipment units).”

“Thus, certain embodiments enable tracking of a first set of shipment units and a second set of shipment units associated with the first set of shipment units separately, thereby enabling the use of various smart contracts relating to shipping services and shipment unit handling in a bifurcated manner,” the company wrote.

The company says it would take a look at various approaches to upgrade the current procedures that it employs in moving shipments around the globe. UPS handled more than 5 billion packages and documents a year ago, as indicated by its site, resulting to $54 billion in revenues.