AirAsia launches Freightchain, a Blockchain-based cargo booking system

The logistics arm of AirAsia Group Teleport announced the launch of Freightchain, a blockchain-powered cargo booking System on Thursday, April 16. Freightchain is a digital network built on distributed ledger blockchain technology for transparent verification and tracking of air cargoes.

The network allows exporters and freight forwarders to book AirAsia’s aircraft on a real-time basis through bids submitted and validated on the blockchain. It will allow shippers and their freight forwarders to discover all available airline cargo network connections for their supply chain needs.

In the wake of the coronavirus pandemic, AirAsia noted that: “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”.

The network has already rendered its first pilot booking when pharmaceutical products were exported from Bengaluru (India) to Ulan Bator (Mongolia). The cargo had to go via Kuala Lumpur, Malaysia, and Seoul, South Korea, due to the non-availability of direct flights from Bengaluru to Ulan Bator. The booking process was carried out in real-time with aircraft from three distinct carriers using a blockchain-based smart contract.

In a traditional method, the shipper has to verify the possibility of connecting flights with multiple airlines and their agents manually. It usually includes a lot of time spent on emails and phone calls. Allegedly, the platform promises greater performance in terms of processing speed and the amount of work performed.

According to Teleport, by providing programmatic discovery of routes using data from its blockchain network, Freightchain can simplify the booking process by allowing for confirmation to occur 10 times faster than traditional methods.

Freightchain Chief Technology Officer, Vishal Batra said, “We deliberately launched Freightchain during this period of uncertainty within global supply chains, caused by the coronavirus pandemic.”

Blockchain being one of the leading technologies is now a no-stranger to the world, particularly those who want to progress in a more transparent, legitimate and comprehensive dissemination process. While some parts of the community still claim that it does not beat the traditional processing method.

Vaigha Varghese: Experienced Journalist with proven experience of working in the online media industry. Skilled in Feature Writing, Journalism, Online Media, and Web Content Writing. Strong media and communication experts with a master's degree in business administration