UPS Files For a Patent for Blockchain-based Shipping System

Despite the fact that the overall cryptocurrency market has declined with around 70 percent since January 2018, interest in blockchain-based technology grows stronger. Yet another major company, UPS, demonstrates its serious intentions for implementing DLT in its operations.


UPS Boards the Blockchain Bandwagon

The shipping giant UPS has filed an application for a patent with the US Patent & Trademark Office.

The company seeks legal protection for a system which takes advantage of blockchain-based technology for storing different types of information within a distributed ledger network. The data includes details about the package’s destination, its actual movement, as well as transportation plans and others of the kind. The patent reads:

An exemplary method comprises receiving and storing in a distributed ledger service offers for transporting a shipment unit; receiving and storing in a distributed ledger shipment unit data comprising an origin, a destination, and transportation parameters; matching service offers stored in the distributed ledger to the shipment unit data to generate a transportation plan for transporting the shipment unit in accordance with the shipment unit data […]

 The shipping giant UPS has filed an application for a patent with the US Patent & Trademark Office.

Blockchain in the Shipping Industry

UPS is not the first major company to explore the possibilities of distributed ledgers in the shipping industry.

The Commonwealth Bank of Australia (CBA) recently shipped and tracked as much as 17 tons of almonds using distributed ledger technology, as well as smart contracts and Internet of Things (IoT). The project was carried out in collaboration with five international and domestic supply chain leaders. Speaking on the matter, CBA Managing Director of Industrials and Logistics in Client Coverage Chris Scougall said:

Our blockchain-enabled global trade platform experiment brought to life the idea of a modern global supply chain that is agile, efficient and transparent. We believe that blockchain can help our partners reduce the burden of administration on their businesses and enable them to deliver best-in-class services to their customers.

How do you think blockchain technology can enhance the shipping industry? Don’t hesitate to let us know in the comments below!


Images courtesy of Shutterstock.

Asian Countries in It to Win It When It Comes to Being the Next Crypto Hub

The race is on to see which Asian country will take the title of being the next crypto hotspot. With big money being invested in growing their FinTech sectors, the competition is definitely heating up.


The cryptocurrency industry is a lucrative one. In its heyday, it had a market cap of just over $800 billion. While perhaps nowhere near its December 2017 peaks, it is still worth over $200 billion.

A big part of this industry is blockchain technology. With its inherent characteristics like traceability and immutability, it is a viable addition to the businesses of most sectors.

Cryptocurrencies

Technology Growth Breeds Competition

As the world continues its digital journey, more and more people will be introduced to the Internet and to smartphones, opening up that financial inclusivity door to everyone that has access to this technology. It stands to reason, then, that companies would want to invest in cryptocurrencies and blockchain.

Countries also want a piece of the action, working hard to be seen as crypto-friendly and aggressive adopters. Well-established locations like Zug in Switzerland are seeing competition from all over the world like Malta and now a host of Asian countries.

The Philippines Eyeing That Crypto Prize

Nikkei Asian Review recently reported that the Philippines is one such country. The Cagayan Special Economic Zone and Freeport seem to be well on its way to attaining that increasingly coveted blockchain- and crypto-hub status. The project will be working with a minimum of 25 technology companies to make this virtual dream a reality.

Raul Lambino, chief executive of the Cagayan Economic Zone Authority (CEZA) previously said:

The overwhelming interest from offshore companies in financial technology solutions and cryptocurrency trading that want to locate at the Cagayan Special Economic Zone has surpassed all our expectations.

Lambino also said that the initiative would aid the local economy in another way – job creation, 10,000 jobs in fact. A blockchain academy is also on the cards which will be another way to encourage growth within the industry and to provide fresh talent as well.

One way to entice more industry professionals is by making operating in the country easier, which usually leads to disregarding previous bans, easing regulations and even developing more investor-focused guidelines. To assist with this, the Philippine Securities and Exchange Commission has given the go-ahead for ICOs to happen in the country.

Lito Villanueva, the chairman of FintechAlliance, added:

With these startups come huge investments in their portfolio. Surely, each country would want to take a piece of the action. Taking blockchain and FinTech players in with enabling regulations and potential investment incentives would surely make the game more exciting.

Wild Wild East

Wild Wild East

This excitement has clearly fostered a sense of competition as South Korea has already made plans to focus on the growth and adoption of blockchain technology in the country. Jeju Governor Won Hee-ryong has previously said:

Blockchain is an opportunity for Korea to take the lead in global internet platform [development].

The country’s government will be walking the talk by investing approximately $4.4 billion on a range of initiatives incorporating blockchain as well as big data analytics.

Thailand is also in the game. While initially banning ICOs, the country developed a framework for them including a licensing process. These new regulations have subsequently resulted in interest from more than 50 projects, with three companies submitting their ICO applications for approval.

Then there is Japan, where Bitcoin is seen as legal tender. This gives them a definite advantage over their Asian counterparts but depending on future regulations in the country, this could change.

The industry is unpredictable but one of the ways for countries to come out on top is by making it easier and more lucrative for crypto businesses to invest in their FinTech sectors.

Which country do you think will be the next ‘Crypto Valley’? Let us know in the comments below!


Images courtesy of Shutterstock

Tags: , , , ,

Blockchain Enters ‘Trough of Disillusionment’ on Gartner’s Hype Scale

Interest in blockchain technology is waning, research firm Gartner said in its latest “Hype Cycle for Emerging Technologies” report.

Gartner included blockchain, along with four other emerging technologies, as one of five trends that can blur the lines between humans and machines, according to a news release on August 20. Blockchain technology is at the edge of the “trough of disillusionment” phase in the cycle, though it predicts that the technology may reach the “plateau of productivity” within the next decade.

The “trough of disillusionment” means that “interest [in the technology] wanes as experiments and implementations fail to deliver. Producers of the technology shake out or fail. Investments continue only if the surviving providers improve their products to the satisfaction of early adopters,” as explained on Gartner’s website.

Mike Walker, research vice president at Gartner, said in a news release that “digitalized ecosystem technologies are making their way to the Hype Cycle fast,” adding:

“Blockchain and [internet of things] platforms have crossed the peak by now, and we believe that they will reach maturity in the next five to 10 years, with digital twins and knowledge graphs on their heels.”

The “shift from compartmentalized technical infrastructure to ecosystem-enabling platforms,” as written in the news release, is building the fundamentals for unique business models as the technology stabilizes in the future.

In addition to blockchain technology, which is part of the “digitalized ecosystems,” four other distinct emerging technology trends that are listed on the hype cycle are “democratized AI,” “do-it-yourself biohacking,” “transparently immersive experiences” and “ubiquitous infrastructure,” according to the release.

The Hype Cycle for Emerging Technologies report is the longest-running annual Gartner Hype Cycle, according to Gartner’s website, and it serves to provide a cross-industry perspective on the technologies and trends.

AltcoinToday.com

Photo via Shutterstock.

Source: Coindesk

loading…