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UPS joins Blockchain in Trucking Alliance

Shipping giant UPS has joined the newly launched Blockchain in Trucking Alliance (BiTA) as it seeks to create industry standards and protocols to enable blockchain platforms to operate together with established technologies.

Formed in August, BiTA aims to promote the adoption, education, and development of a standard framework around blockchain in the freight industry. Over 300 companies have applied for membership to BiTA, according to the official release.

UPS is investing in capacity and leading operations technologies to build the Smart Logistics Network of the future. It sees that blockchain as a truly disruptive technology that could significantly transform global commerce.

“Blockchain has multiple applications in the logistics industry, especially related to supply chains, insurance, payments, audits and customs brokerage,” said Linda Weakland, UPS director of enterprise architecture and innovation. “The technology has the potential to increase transparency and efficiency among shippers, carriers, brokers, consumers, vendors and other supply chain stakeholders.”

UPS is exploring blockchain applications in its customs brokerage business. It said that the technology would help improve transaction accuracy and replace existing paper-heavy and manual processes, thereby benefitting all parties involved in the transactions. UPS wants to leverage blockchain technology to facilitate execution and visibility of trusted transactions with its customers and government customs agencies.

UPS and Coyote Logistics, a technology-driven, non-asset based truckload freight brokerage company that UPS acquired in 2015, are BiTA members.

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2017-11-23 11:36:21
0m

November 23 13:00 UTC Released

RUCbank Wkly Reserves*

Actual

427.6 Bln USD

Forecast

Previous

427.6 Bln USD

November 23 12:30 UTC Released

BRForeign Direct Investm't*

Actual

8.2 Bln USD

Forecast

7.2 Bln USD

Previous

1.0000 Bln USD

November 23 13:30 UTC 2727m

CARetail Sales MM

Actual

Forecast

0.9 %

Previous

-0.3 %

November 23 13:30 UTC 2727m

CARetail Sales Ex-Autos MM

Actual

Forecast

1 %

Previous

-0.7 %

November 23 14:00 UTC 5757m

MXIGAE Econ Activity MM

Actual

Forecast

0.14 %

Previous

0.21 %

November 23 14:00 UTC 5757m

MX1st Hlf-Mth Core Infl YY*

Actual

Forecast

4.71 %

Previous

4.75 %

November 23 14:00 UTC 5757m

MX1st Hlf-Mth Core Infl YY*

Actual

Forecast

0.73 %

Previous

0.62 %

November 23 14:00 UTC 5757m

MX1st Half-Mth Infl MM*

Actual

Forecast

6.4 %

Previous

6.3 %

November 23 14:00 UTC 5757m

MXBudget Balance % GDP*

Actual

Forecast

0.7 %

Previous

-0.2 %

November 23 14:00 UTC 5757m

MXBudget Balance (Rands)*

Actual

Forecast

0.4 Bln ZAR

Previous

0.2 Bln ZAR

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