Teleport – the logistics-focused arm of airline heavyweight AirAsia – has reportedly introduced a blockchain-powered tool for cargo booking – Freightchain.
Specifically, Freightchain is reportedly claimed by the firm to be “the first digital air cargo network run on blockchain” throughout the globe. It was built particularly to provide shippers or freight forwarders-focused instant booking and confirming features for shippers or freight forwarders, across AirAsia’s 247 aircraft to carry cargo.
Freightchain reportedly provides assistance for shippers and their freight forwarders’ supply chain inquiries, via establishing cargo connections and supporting real-time bookings, which are finalized on-chain.
“We deliberately launched Freightchain during this period of uncertainty within global supply chains, caused by the 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.” Vishal Batra – chief technology officer of the project – reportedly remarked.
The Freightchain network has reportedly been put to the test in real-life situations, to support pharmaceutical cargo from Bengaluru, India to Ulan Bator, Mongolia.
A blockchain smart contract was utilized for real-time booking validation, regarding flights from three separate carriers.
“Freightchain simplified the booking process and confirmed the itinerary 10 times faster for shippers by programmatically discovering the available routes with connecting flights within the shipper’s budget and passing on significant cost savings to shippers. For the airlines, the dynamic on-demand interlining of flights helped improve otherwise underutilized flights.”