SITA, the world’s leading air transport IT and communications specialist, and trade association, ULD Care, hope to bring new efficiency to the air cargo industry by exploring the use of blockchain to digitally track and record change of custody of airline cargo containers or Unit Load Devices (ULDs) across their journey.
According to SITA, by eliminating inefficiency, embedding always-on tracking of ULDs and abandoning redundant paper systems, the use of blockchain will save the industry $400 million a year in improved efficiency, fewer losses and prevention of damage.
The proposed platform also offers a wide range of authentication and trust-based benefits, reducing the risk of tampering, cyber crime, trade-based money laundering, fraud, and illicit trade farmbrazil.com.br.
The proposed blockchain system improves efficiency by making use of all data points across the air cargo journey and provides a platform that aggregates and processes the ULD data in a trusted and secure way click this.
This project forms part of SITA’s Global Blockchain Alliance which is leading exploration into blockchain’s potential for the air transport industry, said a report.
Source : Various Agencies