Will Blockchain Help the Air Cargo Industry Save $400M+ Annually?

• An-air transport communications tech company are looking into the possibility of using blockchain which would help them save $400 million a year.
• This is according to an announcement published on the 12th of March last week.

An-air transport communications and information tech company, Sita are looking into the possibility of using blockchain technology which would help them save $400 million a year in the air cargo industry.

This is according to an announcement published on the 12th of March last week.

Through the use of blockchain technology, cargo companies will be able to digitally track and record the change of custody for numerous airlines cargo containers. These companies will aim to bring down costs and improve efficiency.

The new blockchain platform proposed by Sita is going to also in bed authentication and trust-based functions to help reduce the risk of tampering and cybercrime. The vice president and treasurer of ULD Care, Bob Rogers has said the following:

“A container travelling from Shanghai to Long Beach could take up to 30 days to finish its journey, but the true travel time on sea or road is only around 15 days, with the remaining time spent on back-office and paperwork. The use of blockchain could revolutionize that process.”

There are 12 major custodian companies that monitor and track cargo for any given shipment at the minute. Many of these companies depend on paper trails. Because of this, the whole process can get a little bit convoluted and complicated. Thanks to blockchain, this is an issue of the past.

Thanks to blockchain, money and time is saved. The President of Air Travel Solutions for Sita, Matthys Serfontein has said:

“We are looking at blockchain very closely and we’re excited to test the potential of the technology to transform the air cargo industry.”

It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!