The rise of blockchain in air cargo industry is impressive. Blockchain-based solutions are standard in ticketing, supply chain, and air cargo operations. Now, an air transport company called Sita is working on a blockchain-based solution for the air cargo industry that will help save $400 million a year. Air cargo is known for its high transportation costs, and savings of such a magnitude can trigger industry-wide interest in blockchain.
Blockchain in air cargo operations helps companies track and manage the custody of cargo containers or ‘Unit Load Devices.’ Their accurate tracking across various destinations is maintained securely in digital ledgers. Sita wants to reduce transportation costs, increase efficiency, eliminate losses, and improve cargo security using blockchain.
Blockchain in air cargo operations to help reduce operating costs
The proposed solution will integrate secure authentication to cut down tampering risks, fraud, cybercrime, and illicit transactions. Vice president of ULD Care, Bob Rogers, says that a container takes around 30 days to reach Long Beach from Shanghai. However, it remains in the sea for only about 15 days. The remaining time can be attributed to paperwork and back-office operations. Blockchain in air cargo can significantly reduce this period. Read More...