June 6, 2023

Blockchain will help save up to $ 400 million per year in the air cargo industry

Air Transportation Company Sita and ULD Care Trade Association Plan use blockchain to save $ 400 million per year in the air cargo industry.

The blockchain platform will allow tracking goods andrecord changes in data on the storage of freight containers during their movement between destinations. This will reduce costs, increase efficiency, reduce losses and prevent cargo damage.

In addition, the platform will provide advanced authentication features and will reduce the risk of data forgery and money laundering.

“The container can travel from Shanghai to the USA towithin 30 days. At the same time, travel time takes a maximum of 15 days, and the rest is spent on processing documentation. Blockchain could bring a revolution to this process, ”said Bob Rogers, vice president of ULD Care.

According to Matthys Serfontein, president of air travel solutions at Sita, blockchain could save the industry from many pain points.

“We are very closely studying the potential of technology and are happy to be able to change the entire industry with the help of blockchain,” he said.

Serfontein also emphasized that the potential of the blockchain goes far beyond the airline industry and can help solve the problems of passenger transportation.

Recall that major brands including Nike andMacy’s recently tested the RFID Lab blockchain system for supply chain tracking, and Ecuadorian dairy producer El Ordeño tracks its shipments using the IBM Food Trust system.