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.
Blockchain technology uses distributed ledgers across a network and cryptographic hashing to both protect sensitive information and provide transparency into data that can be used to visualize a network of transactions.
Every time a bid is made on cargo space in one of AirAsia’s network, the…