Logistics Giant UPS Explores a Use of Blockchain and …


Delivery hulk United Parcel Service (UPS) is exploring the use of blockchain record for the tellurian supply sequence logistics. The US Patent Trademark Office (USPTO) published papers on Thursday that uncover how the 110-year-old smoothness association might muster blockchain, distributed bill record (DLT) and cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Ripple and Dogecoin to urge the services and streamline formidable procedures.

UPS filed the original patent application on Feb 16. The authors fact how the association could solve issues compared to formidable logistics of “a conveyance section containing at slightest one conveyance section through one or more travel networks analogous to one or more carriers.”

By using blockchain technology, DLT and cryptocurrencies opposite the tellurian supply chain, which links mixed carriers, mostly with different doing instructions, the association believes it could revoke costs and be more efficient.

According to the filing,

“The distributed bill system might incorporate a singular blockchain configured for storing all exchange therein, or the distributed bill system might contain a comparison of blockchains, wherein each blockchain is employed to store information/data demonstrative of a sold form of transaction. For example, a first blockchain might be configured to store conveyance section shipping/tracking information/data, and a second blockchain might be configured to store value send information/data (e.g., around a practical currency). Accordingly, several embodiments might contain and/or implement digital currency/assets represented by bill entries. Such digital currency/assets (e.g., Bitcoin, Ether, and/or the like) might itself have value that might be exchanged for several conveyance units, services, and/or the like. Such digital currency/assets so might be employed as a banking in several transactions. Moreover, several embodiments might implement and/or contain several digital currencies/assets that might be exchanged for conveyance units and/or information/data carrying a tangible value.”

The authors also note that several cryptocurrencies, including Litecoin, Ripple and Dogecoin, could be used in tie with intelligent contracts that are employed to send value along the supply chain.

They write,

“Smart contracts might be configured for execution formed on several trigger events, information/data parameters, conveyance section or conveyance section conditions (e.g., as reflected by conveyance section and/or compared conveyance section information/data stored within the one or more distributed ledgers), and/or the like. In several embodiments, the intelligent contracts might be executed by a send of value (e.g., reflected in a apart distributed bill analogous to a practical currency, such as Bitcoin, Ethereum, Litecoin, Ripple, Dogecoin, and/or the like), by initiating a sold movement (e.g., executable wholly within the distributed bill and/or at slightest partially executable outward of the distributed ledger, for example, by initiating a send of banking through normal banking institutions), and/or the like. Examples of such intelligent contracts for transferring value are described below. It should be accepted that such transfers of value are merely model of several intelligent contracts that might be executed as a apportionment of a distributed bill system as described herein, and these examples should not be construed as limiting.”

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By using DLT technology, UPS could renovate the 110-year-old business, permitting the association to autonomously match a conveyance to a conduit formed on conveyance information contained in a intelligent contract, streamlining the network and stealing attrition at mixed legs, segments and junctures of the delivery.

The new system could also assistance it contest with tech behemoth Amazon.

In February, Amazon launched a new smoothness service, Shipping With Amazon (SWA), designed to contest with UPS and FedEx. Pilot tests were reportedly run in London and Los Angeles.

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Article source: https://dailyhodl.com/2018/08/18/logistics-giant-ups-explores-the-use-of-blockchain-and-crypto-bitcoin-ethereum-litecoin-ripple-dogecoin/