Transport and logistics giant UPS Inc. said today it has joined the Blockchain in Trucking Alliance (BiTA), an industry group created to guide the development of blockchain-based data-security software in the transportation industry.
Blockchain software is best known as the technological foundation of the Bitcoin digital currency, but it can be applied to any business sector with a need to ensure that data is quickly and securely shared. The technology works by ensuring that no single user can alter an electronic record without the approval of all parties involved in a transaction.
UPS joined the BiTA group to explore how it could apply blockchain in its customs brokerage business, the company said. Blockchain technology could help digitize those customs brokerage transactions by improving accuracy and by replacing existing paper-heavy and manual processes, according to UPS. Click here to read more.