UPS files for Blockchain-Based Patent

UPS is a multinational courier company. It manages demand and supply situations for many big companies all over the globe. It is recently decided that it will rely on the blockchain technology in order to smooth out the supply chain system. If indeed, it is able to do that, it will be able to efficiently utilize the supply chain. When it is able to efficiently utilize the supply chain, the entire supply chain will be streamlined as well.

UPS applied for a patent:

UPS recently applied for a patent. The patent is for the use of blockchain technology as well as distributed ledger technology. This clearly indicates that it will be using the distributed ledger technology in order to maintain the different carriers as well as the entire supply chain as well. The supply chain spans across continents as well as countries. This is one of the main reasons why it is becoming difficult for the company to actually make that supply chain work as well.

With the help of efficient shipping logistics, it will become much easier for the companies like UPS to minimize the cost as well. Once the cost is minimized, it will directly be added to the bottom line. This will ensure that the company is able to easily expand its operations. When the company is able to do so, it will have an edge over their competitor.

Moreover, with the help of decentralized ledger, it will become more and easier for the company to entirely handle the packages as well. The verification of the packages will be done in real time as well. When that is the case, you can be sure that the work of the packaging facility will be streamlined as well. Moreover, the route information, as well as other information about the package, will be available on the decentralized system. When such information is available on the decentralized system, it will become much easier for anyone to track the system as well. Once it is easy to track the system as well as the packages, the package delivery will be higher as well.

On the other hand, when you look at the use of smart contracts, you will realize that they can be used in order to smooth out the entire supply chain as well. Once the entire supply chain is smoothened out with the help of the smart contracts, the customers will be able to get their packages on time. This will also mean that the customers are able to easily access their packages in a shorter period of time. As a result, the vendors will prefer UPS as compared to any other kind of courier service. FedEx is also one of the logistics company which is also planning for blockchain implementation which we had heard a few months ago. This is one of the main reasons why such patents will actually help it gain a significant amount of market share.