The cargo sector in general has been slow to latch on to the advantages of blockchain and its secure ledger facility, but with Freightchain, AirAsia provides a simplified means of doing business for shippers and forwarders alike.
The system can seamlessly track bids and sales and automatically reveals linked network chains for freight delivery. Through Freightchain, shippers will now have access all available cargo network connections owned by airlines, allowing them transparency into how their cargo will be moved from point of origin to its final destination. The system will also facilitate on-demand bookings (in real time) through a bidding process that is subsequently validated on the blockchain.
Blockchain technology makes use of distributed ledgers across a secured network that protects sensitive information and provides transparency into data that can be used to visualise a network of transactions. As the cargo moves through the various shipment stages, so openings and opportunities become more obvious across the network, meaning that it becomes possible to identify unused space and allocate it for cargo and track it in its subsequent journey.