UPS intends to implement blockchain tech and accept cryptocurrency in the future

23 Aug, 2018
by Matthew Kim
News
UPS intends to implement blockchain tech and accept cryptocurrency in the future

United Parcel Service, more popularly known as UPS, has expressed desire to use blockchain systems in its global package delivery and supply chain management system.

According to a recently released patent application filed in February to the U.S. Patent and Trademark Office, UPS intends to use blockchain solutions for improved administrative and financial efficiency. The courier giant expects to use blockchains and smart contracts to design a streamlined information flow available for all relevant parties in the supply chain.

Furthermore, UPS discussed the possibility of accepting cryptocurrencies as a form of payment. The application specifically mentioned Bitcoin and Ether, but did not limit itself to those cryptocurrencies.

Although UPS’s interest in blockchain is sure to generate some buzz, it is certainly not the first instance of supply or shipping companies inquiring about blockchain technology – more than 90 industry companies have expressed interest in the emerging technology. These industry organizations believe that blockchain could provide distinctive traceability to goods and improved facilitation of information.

Nevertheless, UPS’s potential impact in blockchain and cryptocurrency industry cannot be overlooked. If they were to implement the technologies successfully, the technologies would be employed in a system that spans across 220 countries and delivers more than 5 billion packages and documents annually.

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