US Congress Blockchain Hearing - 9 May 2018 UPS: A global blockchain-based shipment tracking system will benefit not only the largest corporations
According to Chris Rubio of UPS, the company has also been investing heavily in researching the ways in which blockchain can enhance supply chains’ efficiency and security by making all shipments “fully declared.” He outlined four key benefits of Distributed Ledger Technology (DLT) that the global logistics company acknowledges: integrity, transparency, interoperability, and security. Consonant with Michael White’s account, he noted how the complexity of existing supply chains results in their limited visibility. The introduction of DLT into the industry would help to ‘reduce frictions’ in supply chains and speed them up. He also suggested that a global blockchain-based shipment tracking system would benefit not only the largest corporations, but would also allow mid-sized and small enterprises to operate on it efficiently. In order to achieve that, however, a supply chain-wide commitment and shared standards will be requisite.
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