Cryptocurrency & Blockchain Business

UPS Files Patent For a Blockchain Package Delivery Tracking System

Shipping giant United Parcel Service or UPS has filed for a new patent to use blockchain to assist in simplifying package delivery around the world.

As per the documents published by the US Patent & Trademark Office or USPTO, the company has developed a system that utilizes blockchain and distributed ledger technology or DLT to dispatch packages worldwide using multiple carriers.

Georgia-based UPS originally had filed the patent application on February 16. The concept, entitled “Autonomous services selection system and distributed transportation database(s),” involves storing numerous types of data within a distributed ledger network. These includes information about a package’s destination, its movement and transportation plans for shipment units.

In the system, the company suggests using more than one distributed ledger to track a range of shipment orders, each providing varying information/data regarding respective asset types (e.g., shipment units and/or associated shipment units).

UPS had shipped more than 5 billion packages and documents last year, generating $54 billion in revenue.

In 2017, the parcel services firm had joined a transportation-focused blockchain consortium.

Related Article: ParcelABC Integrates Cryptocurrency Payments to their Platform

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