Shipping Giant UPS Files a Patent To Track Global Shipment Using Blockchain

The global shipment has been gradually shifting its operations over the blockchain technology that seamless integrates several participants of the industry while providing real-time information and data.

UPS, the global package delivery and shipment giant has recently filed for a patent that involves the use of blockchain technology to track global packages and further enhance the operations of global shipments. The patent dubbed, “Autonomous services selection system and distributed transportation database(s)” was filed by UPS with the USPTO and published last week on August 16.

UPS in the patent application notes that there is still a lot of lacuna in the global shipments like “transportation networks” and “routing the shipments”. UPS says that the existing network is still underdeveloped when it comes to “special handling requirements” or any other beneficial route to be taken in order to “coordinate the transportation of shipment”.

In the latest patent UPS talks about how the use of blockchain can overcome these existing hurdles while storing numerous amount of data on the distributed ledger network. This includes data about real-time movements and transportation plans for the shipment units as well as information about the package’s destination.

UPS also talks about using multiple distributed ledgers to track a variety of shipment orders "each providing varying information/data regarding respective asset types (e.g., shipment units and/or associated shipment units).”

The company highlighted the use of smart contracts to streamline the process of shipment services and shipment handling. It further explained: "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.”

Apart from using the distributed ledger technology (DLT) to handle shipments, the patent also talks about using digital currencies like Bitcoin, Ethereum, and others to be used as a means of payments for all the shipment-related services.

Three months back in May 2018, Denmark-based global shipments giant - AP Moller-Maersk announced the launch of the world’s first blockchain-based marine insurance ‘Insurwave’ in collaboration with EY and Guardtime.

Earlier this month, Maersk in partnership with tech giant IBM also announced the launch of blockchain-based global supply chain platform TradeLens. Earlier this year, tech giant Samsung also said that it is willing to adopt blockchain technology to streamline its supply-chain process.