UPS dives into blockchain technology

The Stifel picks came after a conference call featuring Craig Fuller in addition to also also Chris Burress, the founder in addition to also also president of BiTA, respectively.

“The theory is actually that will the blockchain-enabled supply chain participants will be able to handle transactions more quickly, more securely, with fewer errors in addition to also also less labor cost involved within the overall process,” Larkin said.

Consumers are among those who could benefit through the widespread adoption of blockchain technology throughout the logistics industry, Stifel said. Products might arrive more cheaply, quickly in addition to also also precisely, Larkin writes, thanks to blockchain. Even software providers, data providers, in addition to also also trailer-leasing companies are among those who could see greater value through day-to-day operations if the technology is actually implemented as theorized.

yet “there are several groups positioned to be totally or partially” disrupted by blockchain’s introduction into the trucking business, Larkin says.

“The potential losers [are those] that will choose not to comply with the BiTA industry standard protocols or that will choose not to be transparent,” Larkin said.

Overall, Stifel says that will “blockchain should make transactions more efficient in addition to also also reduce payment disputes yet is actually still years away.”

UPS said This kind of is actually joining BiTA as a part of its effort to build the next evolution of its logistics network.

Shares of UPS were up 0.3 percent in midday trading Tuesday.

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