Love it or hate it, the biggest companies in the world can’t ignore blockchain any longer.
In fact, it’s quickly forcing its way into the research and development halls of some of the biggest companies in the world, including Apple, Microsoft, Facebook, and IBM. Oracle for example is introducing a blockchain-for-service platform that will provide services to clients.
Granted, only 3% of Fortune 500 companies use blockchain technology.
Many argue the technology isn’t mature enough. Others say it’s not user friendly enough.
However, as benefits become clear, that’s likely to change.
Financial companies and banks, such as Unicredit, UBS, and Deutsche Bank are testing cross-border payments, and processing with it. Retailers such as Wal-Mart and Alibaba are even testing the technology for supply chain management.
Nowadays, 110-year-old UPS is jumping on board the Blockchain.
According to the U.S. Patent & Trademark Office (USPTO), UPS filed for a patent that uses blockchain to route packages though a global supply chain.
UPS believes the technology could help streamline package delivery logistics.
In the filing, UPS argues that it’s difficult to coordinate logistics for shipments involving more than one service provider.
“There may be scenarios in which it is advantageous for various logistics service providers to transport the shipment unit along different
legs/segments from its origin to its destination. However, it may be difficult to coordinate the transportation of the shipment unit through the various logistics service provider transportation networks. Moreover, if there are special handling requirements for transporting the shipment unit, it may be difficult to ensure that the special handling requirements are carried through by each of the various logistics service providers.”
To help solve the issue, the company wants to use blockchain that will automatically route packages through multiple service provider networks.
As the package travels, information will be recorded in the blockchain ledger.
This will allow UPS to know if service providers are meeting their obligations.