Blockchain technology has been tapped for several practical applications these days, spanning from creating secure databases to facilitating trade settlement. Word through the grapevine is that international shipping company UPS is also looking into the potential uses of the blockchain in its own operations.
Blockchain refers to the distributed public ledger of bitcoin transactions, which are updated and verified by a network of computers solving complex algorithms. The entries are considered anonymous and immutable, as these aren’t typically associated with personal identities and it takes a considerable amount of effort to and resources to alter the records stored in majority of computers in the network.
Blockchain Technology and Shipping
UPS’ private equity arm known as its Strategic Enterprise Fund (SEF) is