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from the take-a-walk-around-the-block(chain) dept.
AirAsia launches transparent tracking blockchain network 'Freightchain' for air cargo:
AirAsia Group Bhd's logistics arm Teleport announced Thursday the launch of Freightchain, a digital network for transparently confirming and tracking air cargo based on distributed ledger blockchain technology.
Shippers and freight forwarders can now book and confirm any of AirAsia's 247 aircraft to carry cargo using Freightchain without the need for time-consuming go-betweens, sales and email channels. The system seamlessly tracks bids, transparently tracks sales and automatically reveals linked network chains for freight delivery.
Using Freightchain shippers will be able to discover all available cargo network connections owned by airlines in a manner that gives them transparency into how their cargo will get from point A to point B. The system will also facilitate on-demand bookings in real-time using a bidding process that is then validated on the blockchain.
"We deliberately launched Freightchain during this period of uncertainty within global supply chains, caused by the coronavirus pandemic," Freightchain Chief Technology Officer, Vishal Batra said. "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."
Freightchain provides global air cargo connectivity with no agency fees, smart on-demand digital interlinks for booking cargo space and improved cargo capacity utilization. By putting all cargo passing through its system onto the blockchain, every node in the network is aware of the current real-time status of the entire network, meaning that cargo bidders can rapidly know where shipments can be stowed and where they will go.
[...] According to Teleport, Freightchain can simplify the booking process by allowing for confirmation to happen 10 times faster than traditional methods by providing programmatic discovery of routes using data from its blockchain network.
[...] With Freightchain, the connections data, contacts and contracts all exist within the blockchain, making it simple to identify the links, book the flights and confirm an itinerary.
(Score: 0) by Anonymous Coward on Wednesday April 22 2020, @12:28AM (1 child)
What is Blockchain Technology? A Step-by-Step Guide For Beginners [blockgeeks.com]
(Score: 2) by Common Joe on Wednesday April 22 2020, @04:27AM
Someone has to pay for the computing and software engineers who set up the stuff to run. I'm no expert, but doesn't the computations get more pricey over time?
Only if enough different entities are involved in the computing. I believe if one entity owns 50% of the computers, they also own the chain. We've had problem with this in the past with money-based chains. How many entities for "Freightchain" are going to throw enough money at this to ensure their competitors don't wind up with the chain. It sounds like a setup for a type of arms race to me. See my comment on "no transaction cost" just above.