AirAsia Taps Blockchain Technology to Simplify Air Cargo Operations
According to a report by Silicon Angle published April 18, 2020, AirAsia Group’s logistics arm, Teleport has launched Freightchain – a digital network that leverages blockchain technology to enable transparent and rapid confirmation and tracking of air cargo.
AirAsia Taps Blockchain Technology
AirAsia is using distributed ledger technology (DLT) to streamline its air cargo checking process. Recently, the airline announced it had launched a blockchain network dubbed “Freightchain” that will aid the firm to hasten and streamline its process of air cargo confirmation and tracking.
Using Freightchain, shippers and freight forwarders will now be able to book and confirm any of AirAsia’s 247 aircraft to carry cargo without having to interact with the time-consuming go-betweens, sales, and email channels. Reportedly, Freightchain seamlessly tracks bids, sales, and automatically reveals linked network chains for freight delivery.
Freightchain helps establish connectivity among global cargo firms with no agency fees. The DLT-powered network offers smart on-demand digital interlinks for booking cargo space in addition to improved cargo capacity utilization.
By digitizing all cargo records and feeding them onto the blockchain, Freightchain will make things considerably easier for cargo bidders as they can readily know where shipments can be stowed and where they will go.
Commenting on the development, Vishal Batra, CTO, Freightchain said:
“We deliberately launched Freightchain during this period of uncertainty within global supply chains, caused by the coronavirus pandemic. Agile software platforms like Freightchain help to connect uneven supply and demand amidst a rapidly evolving environment. Trust and transparency are needed now more than ever.”
Per sources close to the matter, Freightchain can streamline the booking process by enabling confirmation almost 10x faster than traditional methods via “programmatic discovery” of routes using data from its blockchain architecture.
More Supply Chain Firms Taking the Blockchain Flight
Blockchain technology’s infrastructure makes it an ideal tech to simplify the often convoluted and fragmented supply chain space. This holds true for myriad transport-related industries that often deal with tonnes of data being collected and disseminated by various firms.
As reported by BTCManager on January 17, 2020, IBM’s DLT-based supply chain and logistics platform TradeLens was embraced by the global maritime industry.