Innovative Blockchain Technology Could Help Air Cargo Industry Save $400M Annually

Sita, an air transport interchanges and data tech organization, and ULD Care, an exchange affiliation, are investigating the chance of utilizing blockchain innovation to spare $400M every year noticeable all around payload industry, as indicated by the March 12 declaration.

Blockchain stage cuts down expense and improves proficiency

Blockchain innovation permits air freight organizations to carefully track and record the difference in authority for aircraft payload compartments, or Unit Load Devices (ULDs), as they venture between goals. These organizations mean to cut down industry costs, improve proficiency, drive less misfortunes, and forestall harm to load.

The proposed blockchain stage will likewise insert validation and trust-based capacities to decrease the danger of altering, cybercrime, exchange based illegal tax avoidance, misrepresentation, and unlawful exchange. Bounce Rogers, VP and treasurer of ULD Care, included that:

“A container travelling from Shanghai to Long Beach could take up to 30 days to finish its journey, but the true travel time on sea or road is only around 15 days, with the remaining time spent on back-office and paperwork. The use of blockchain could revolutionize that process.”

Blockchain provides a solution for common challenges

Currently, there are up to 12 custodian companies monitoring and tracking the cargo for any given shipments, according to the announcement. Most of these companies depend on paper documents. This makes the process complicated and causes frequent trust and transparency issues.

Blockchains, however, save time and cost, and can address many of the air cargo industry’s pain points. Matthys Serfontein, president of Air Travel Solutions for Sita, said that:

“We are looking at blockchain very closely and we’re excited to test the potential of the technology to transform the air cargo industry.”

Mathys also pointed out that blockchain’s potential goes way beyond cargo, and could solve common airline challenges in general.

Different industries are exploring blockchain technology in logistics

Cointelegraph reported previously that IBM Indonesia has joined TradeLens’s blockchain-based shipping platform. A recent report also shows there are 25 leading pharmaceutical manufacturers, distributors, logistic partners, and other representatives of the pharma supply chain who are in favor of adopting blockchain technology to track and trace prescription drugs after completing a pilot program with the US Food and Drug Administration.
source: cointelegraph

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