American shipping giant UPS has invested in blockchain logistics company Inxeption, according to a company press release published yesterday. The investment, made through UPS’s Strategic Enterprise Fund, will be used to develop new e-commerce solutions for buyers and sellers in B2B transactions, with the two companies working together.
The terms of the deal were not included in the release, and have not been revealed by either party.
Founded in 2017, Inxeption provides a platform that allows companies to promote, sell, and manage their products and services online. The company offers a variety of services within the platform — including an immutable record of transaction history, a single sales management console, website templates — all of which comes with the security of the blockchain.
In the release, Inxeption CEO and co-founder Farzad Dibachi commented on the necessity of security when it comes to sales:
“Business customers need secure platforms that protect their customer data and proprietary information, while making it easy for them to interact and even collaborate more effectively with their customers.”
Inxeption also boasts real-time analytics so customers can monitor sales and receive order status and security notifications, and plans to launch additional features that cater to specific needs of their customers. Additionally, the company claims it has designed the first blockchain-powered B2B e-commerce platform that catalogs and digitizes product information.
In a statement included in the release, UPS Chief Marketing Officer Kevin Warren explained some of the reasoning behind the investment:
“Inxeption’s technology is attractive to UPS because it helps unlock new efficiencies for customers using B2B e-commerce platforms. UPS creates alliances and partnerships to gain market knowledge and position the company as the shipper of choice in ecommerce.”
It seems that, like many long-standing industry leaders in their space, UPS (an over 100 year old company) is looking to stay ahead of, if not right on, the curve of innovation.