Investors flocked to Yojee Limited today on news global package delivery giant United Parcel Service will be testing a pilot of its blockchain technology in the Asia Pacific region.
The ASX-listed company – which uses AI and blockchain technology to create a seamless regional freight network –is working with UPS to test Yojee’s blockchain technology in the UPS specific supply chain environment.
The news saw shares in Yojee (ASX: YOJ) hit an intraday high of 23c before cooling were to 21.5c at noon AEDT, up 13 per cent.
The pilot will be delivered early next month with no revenue to be derived from the agreement.
Yojee has a team of in-house supply chain and blockchain experts based in the fast-growing Asian market.
Blockchain systems, best known for being the technology behind cryptocurrencies like Bitcoin, are also being used across a range of industries including logistics and supply chains, with huge benefits to business and customers.
The freight and logistics industry is investing heavily in blockchain technology to deliver a cheaper, more efficient, transparent and secure system to manage the growth expected in global logistics over the next decade.
We look forward to working with UPS to pilot Yojee’s blockchain-backed platform in the Asia Pacific region, the largest and fastest growing region in global logistics,” Yojee Managing Director Ed Clarke said.
“This Blockchain Pilot Services Agreement with UPS highlights the global interest in applying blockchain technologies to the freight and logistics industry and Yojee’s unique sector capabilities.”
UPS Asia Pacific Vice President of Strategy Rob Houck said deploying technology-enabled operations for maximum efficiencies remained a priority for UPS.
UPS (NYSE: UPS) is the world’s largest package delivery company with a market cap of around $95 billion. Headquartered in Atlanta, UPS serves more than 220 countries and territories worldwide.
