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.

US Government Grants $800K to Blockchain Researchers

The U.S. government will help fund a distributed ledger platform being developed by researchers at the University of California-San Diego.

Subhashini Sivagnanam, a researcher and software architect with the Data Enabled Scientific Computing division at the San Diego Supercomputing Center, won $818,433 from the National Science Foundation (NSF) to develop the Open Science Chain (OSC), a proposed distributed ledger which will help researchers efficiently access and verify data collected through scientific experiments, according to the NSF’s website.

NSF, a long-standing scientific organization, serves as a key conduit for research initiatives in the U.S. to tap federal resources. The government organization has funded a number of blockchain projects in previous years, including those focused on different aspects of cryptocurrency incentive mechanisms and blockchain technology use cases.

Public records show that the project entails “a web-based cyberinfrastructure platform built using distributed ledger technologies that allows researchers to provide metadata and verification information about their scientific datasets and update this information as the datasets change and evolve over time in an auditable manner.”

Simply put, the network would constitute a living – and digital – catalog of their work, growing as more information is developed and added. Researchers will be able to better trust the data they are examining, according to the abstract.

The grant will begin on Sept. 1, 2018, and carry through until Aug. 31, 2021, according to the award letter.

Photo via Shutterstock.

Source: Coindesk


News In Brief: What Happened In China in the Past One Week

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This news was provided to us by Sanyan Blockchain. Crypto-News India and Sanyan Blockchain are media partners exchanging news in cryptocurrency and blockchain space in India and China

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