Sir Richard Branson has unveiled plans to revolutionise freight deliveries using his hyperloop system.

The Virgin billionaire wants to develop technology which can move time-sensitive goods "at the speed of flight and closer to the cost of trucking."

He announced that Virgin Hyperloop One has formed a partnership with DP World to create cargo brand DP World Cargospeed.

Items such as fresh food, medical supplies and electronics will be transported at speeds of up to 620mph and complete journeys that take four days by lorry in just 16 hours, according to Sir Richard.

He said: "More and more customers expect products in their hands as soon as possible after purchasing online. This is putting a huge demand on the freight and logistics industry – a demand that will only keep growing.

"DP World Cargospeed can create a high-speed logistics and supply chain backbone capable of supporting the on-demand global economy for the next century."

The technology, first proposed in 2013 by Tesla boss Elon Musk, involves propelling passengers and freight in pods through low pressure tubes at high speed.

Sir Richard invested in the firm formally known as Hyperloop One in October last year, claiming it could enable people to travel between London and Scotland in 45 minutes.

The company is in the early stages of making the technology commercially viable after completing a full-scale test in Las Vegas.

It is aiming to have "operational systems" ready by 2021.

The idea of a hyperloop system was first launched by Mr Musk in August 2013.

He is not associated with Virgin Hyperloop One but has urged interested parties to develop the technology.

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