Blockchain for Logistics
Nowadays Blockchain is a trendy word, we can hear it almost everywhere. But, it’s just a trend or it’s really going to modify the business model? Do we all know what Blockchain really means? or we just like to talk about it because it’s cool?
Blockchain refers to a type of data structure that enables identifying and tracking transactions digitally and sharing this information across a distributed network of computers, creating in a sense a distributed trust network. The distributed ledger technology offered by blockchain provides a transparent and secure means for tracking the ownership and transfer of assets. By understanding this, blockchain its not just for economics, instead, it’s possible to apply it to every industry, in this case we are going to make focus in logistics and supply chain.
BiTA, blockchain in transport alliance, was formed by experienced tech and transportation executives to create a forum for the development of blockchain standards and education for the freight industry. It boasts major members are from just about every corner of the trucking supply chain, from UPS to Salesforce and DAT.
BiTA´s first visionary objectives are:
- Transparency in contracts and chain of custody
- Speed up the freight payment
- Automatic proof of delivery
- No need to rely on third parties for authentication
BiTA members account for over 85% of trucking-related transactions in the world. It was formed because leaders in the trucking industry saw the value of blockchain implementation into the world of trucking and logistics. BiTA’s ultimate objective is to form and promote the adoption of blockchain standards in the freight industry.
It´s projected that by 2026 almost all the companies in the logistics industry have adopted the blockchain technology