Blockchain will help to save up to $400 million a year in the cargo airfreight industry

SITA, a company engaged in air transport communications, and ULD Care, a trading association, plan to use blockchain and save $400 million a year in the cargo airfreight industry.

The blockchain-platform will enable them to track their cargo and keep records in data changes related to the cargo containers storage when they are moved between the destination points. This will help to lower costs, improve efficiency, reduce losses, and prevent damage to the goods.

Besides, the platform will provide advanced authentication features and allow reducing the risk of data tampering and money laundering.

Bob Rogers, a vice president of ULD Care, explained container shipment from Shanghai to the USA may take 30 days with maximum of 15 days as the travel time and the rest time spent on document processing. He believes the blockchain can bring a revolution into this process.

In the opinion of Matthys Serfontein, a SITA’s President of Air Travel Solutions, blockchain could relieve many pain points in the industry.

He said, now they are digging into the potential of the technology and are happy dor the opportunity of changing the entire industry using blockchain.

Also, Serfontein emphasized the blockchain potential goes far beyond the cargo airfreight industry and can assist in resolving the passenger service problems as well. Let’s remind, some big brands, including Nike and Macy’s, recently tested the RFID Lab blockchain system for their supply chain tracking, and Ecuadorian dairy producer El Ordeño tracks his deliveries using the IBM Food Trust system.

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