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UPS Next To Accept Bitcoin

UPS

Another shipping company has now joined the global blockchain revolution, this time it’s UPS. According to a filing with the U.S. Patent and Trademark Office (USPTO), the global shipping giant is considering setting up a system of locker banks so that it could take in Bitcoin as payment.  

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Here’s how it works: As outlined in the USPTO filing document, a seller can leave an item inside a locker (which can be rented) for the buyer to pick up later-on by entering the designated payment, thus completing the transaction.

The aim is to create a point-of-sale (POS) system that accepts the following payment methods:

  1. Cash transaction
  2. Credit or debit card transaction
  3. Gift certificate
  4. Electronic payment (Google Pay, Apple Pay, PayPal, Bitcoin, etc.)
  5. Any other suitable type of payment

However, only time will tell whether this kind of locker bank system will appeal to the general public and whether people are willing to use Bitcoins to pay for UPS packages.

This is not the first time that UPS expressed its intention to dabble in the blockchain industry. In November, the company joined a blockchain consortium called the Blockchain in Trucking Alliance, focused on the trucking and shipping industry.

On joining the consortium, Linda Weakland, UPS director of enterprise architecture and innovation, stated:

“The technology has the potential to increase transparency and efficiency among shippers, carriers, brokers, consumers, vendors and other supply chain stakeholders.”

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With today’s announcement, we are starting to see a trend where shipping companies — which make up a vital part of the global economy — are leaning towards using Bitcoin as a mainstream method of payment.

Over the past two years, more than 50 filings released by the USPTO mentioned the leading cryptocurrency as a possible inclusion into their payment systems (such as Bank of America).

Earlier today, FedEx also made significant progress in developing a blockchain-based platform for its daily business operations. It might not be long before the entire sector moves into the blockchain technology.

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In addition to writing financial content and analysis, Jackson has worked as a business journalist at Stockwatch and research analyst at various organizations. He obtained his MA Economics from Concordia University in Montreal and BA Economics from the University of British Columbia, with special emphasis on environmental and industrial economics.

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