AirAsia, the airline giant, now allows shippers and freight forwarders to book cargo using blockchain.
Freightchain
Called the Freightchain, Teleport announced that it was the world’s first digital cargo system that now runs on the decentralized technology blockchain. Teleport, which is the logistics arm of AirAsia, now lets shippers to instantly book its 247 aircrafts for their cargo.
The use of blockchain means that shippers do not need to go through middlemen and intermediaries, dropping the time taken to call or email back and forth to confirm bookings. The Freightchain network has been designed to allow its customers to discover in real time the complete network of AirAsia, the available cargo space and bid for the space, all through the blockchain ecosystem.
Chief Technology Officer of Freightchain, Vishal Batra, said,
“We deliberately launched Freightchain during this period of uncertainty within global supply chains, caused by the corona virus 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.”
Bookings Open
The Freightchain platform is live and open for bookings. It has already started to get orders. The first booking was for a pharma company operating from Bengaluru, India which sent a cargo to Ulan Bator in Mongolia.
Normally, the cargo booking would have been a very tedious process. There are no direct flights from Bengaluru to Ulan Bator. The pharma company’s shipping department would have had to make multiple calls and booking, spread over different airlines. Using Freightchain, the shipper was able to understand the available routes, connecting flights and the exact cost involved 10 times faster than legacy booking systems. Apart from the time savings, the efficient process means that there is a significant cost savings involved too.
Blockchain has been increasingly gaining traction lately. The technology is already being used in different logistic and supply chain systems. Considering the current corona virus situation is having a heavy impact on global airline industry, Freightchain can become a crucial component in AirAsia’s business, more emphasis where medical supplies come in the picture,
“Especially during this unprecedented period, air cargo is vital in the global fight against COVID-19. A software to transparently bid and confirm urgent air cargo capacity in real-time is vital to keep global supply chains for life-saving medical supplies and equipment moving.”
