Blockchain is a distributed ledger technology — a platform that uses ledgers stored on separate, connected devices in a network to ensure data accuracy and security — that can be used to track and record air cargo transactions securely and transparently. This makes it ideal for use in the air cargo industry, where several parties are involved in the supply chain, and it is critical to track the movement of goods to ensure their authenticity.
Several blockchain platforms are being used or developed for the air cargo industry, including:
Blockaviation is a blockchain platform in development for airlines, leasing companies, and other aviation stakeholders to securely store and share aircraft records. The company’s goal is to improve efficiency, transparency and security in the aviation industry.
The platform offers a single source for aircraft records that allows airlines and lessors to have greater oversight of their aircraft and their records, as well as integration with other systems, allowing airlines and lessors to access services from a wider range of suppliers.
Blockaviation, founded in 2017, is headquartered in Dublin.
CargoX is a blockchain platform that allows for the secure transfer of documents and data. The neutral, public blockchain technology creates a decentralized network to automate the process of creating, signing and transferring electronic bills of lading (e-BOLs), which can reduce costs and improve efficiency.
The platform is based on the Ethereum blockchain and allows users to exchange certificates of origin and insurance certificates securely and efficiently. CargoX also offers document tracking, document verification, and document dispute resolution.
The company was founded in 2017 and is based in Slovenia. CargoX has raised a total of $7 million from investors, according to Crunchbase.
Freightchain is a blockchain-based platform for the air cargo industry with technology that provides a secure and transparent way for airlines, freight forwarders and shippers to book cargo space, track shipments and manage documentation. The platform is built on the Hyperledger Fabric blockchain platform.
The company uses blockchain to create a distributed ledger of all air cargo transactions. The ledger is tamper-proof and immutable, which means that it cannot be changed or deleted without the consensus of the network. This can provide a high level of security and transparency for all parties.
Freightchain was founded in 2020 by AirAsia’s logistics arm, Teleport. The company currently works with 10 airline partners in six regions, according to its website.
VeChain is a blockchain platform that uses a combination of blockchain technology, internet of things (IoT) sensors and radio frequency identification (RFID) tags to create a complete picture of the air cargo journey, from production to consumption. VeChain has a number of real-world applications in the air cargo industry, including tracking the movement of food and pharmaceuticals to ensure quality and safety, tracking the provenance of luxury goods to prevent counterfeiting, and tracking the environmental impact of products to promote sustainability.
The company was founded in 2017 and is based in Singapore, according to Crunchbase.