SITA, ULD Care Plan to Develop Blockchain Technology in Air Cargo Industry to Save $400M a Year
‘We are looking at blockchain very closely’, says SITA President
The air transport communications and information tech company SITA and the trade association ULD Care are looking forward to bring new efficiency to the air cargo industry and for this purpose, they are planning on developing the blockchain technology in the industry.
According to the announcement on March 12, SITA and ULD Care are exploring the use of Blockchain technology to save $400 million per year in the air cargo industry.
Purpose of using Blockchain tech in the industry
Blockchain technology will be used for ULD tracking. By exploring Blockchain tech, air cargo companies plan to digitally track and record the change of custody of unit load devices (ULDs). The main purpose is to improve the efficiency in the industry however the Blockchain proposed platform will also help them to lower the costs of industry, decrease the losses and to prevent more damages to cargo.
The industry will also get a wide range of authentication and trust-based benefits. By implementing such functions, the blockchain platform will lower the risk of tampering, cybercrime, trade-based money laundering, fraud, and illicit trade.
The vice president and treasurer of ULD Care, Bob Rogers says:
“A container traveling 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.”
According to the announcement, 12 custodian companies are there for monitoring and tracking the cargo which relies on paper documents making the process complicated. However, the use of blockchain technology will help them to save time and cost.
‘We are looking at blockchain very closely’, says SITA President
Commenting on the blockchain technology, the president of Air Travel Solutions for Sita Matthys Serfontein says that the industry is looking very closely at blockchain and is very eager to test the potential of technology as Matthys comments:
“We are looking at blockchain very closely and we’re excited to test the potential of the technology to transform the air cargo industry. Beyond cargo and across the air transport industry we see huge potential for blockchain to address common challenges.”
It is the great initiative taken by the cargo companies to develop the blockchain technology for ULD tracking. The air cargo industry hopes to eliminate the inefficiency with the help of blockchain technology.
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