A number of US-based companies have come together to form Blockchain in Trucking Alliance (BiTA), a new organisation focused on the education and development of industry-specific blockchain standards by engaging influential leaders in transportation, finance and technology.
BiTA Board Member and TransRisk CEO, Craig Fuller, launched BiTA to advocate the implementation of blockchain applications in the commercial transport industry. Through engagement with individuals from leaders in transportation, finance and technology, BiTA aims to build the first set of transportation industry-specific blockchain standards.
“We formed the Blockchain in Trucking Alliance to develop common standards around blockchain applications in the trucking industry. The technology holds great promise, but to encourage its proliferation, we felt that developing industry standards were paramount,” Fuller stated.
The Institute for the Future has explained that blockchain technology can automate every type of online transaction that requires a degree of trust – information stored via blockchain technology is reportedly decentralised, not owned by an individual or company and cannot be tampered.
BiTA has claimed that blockchain-capable transactions such as immediate payments, complete automated settlements and infinite recording of carrier history and safety could benefit the commercial transport industry.
BiTA’s partners includes organisations such as Fleet Complete, McLeod Software, Triumph Business Capital, US Xpress, Convoy, 10-4 Systems and TransRisk.
“Joining BiTA was a natural decision for us,” said Tony Lourakis, CEO of Fleet Complete.
“We are passionate about making complicated business operations simple and easy for our customers through innovative technologies and industry leading customer support. BiTA’s goal to facilitate the adoption of Blockchain transactions in trucking coincides with our objectives. We believe our customers and partners will benefit from this collaboration, which will bring powerful fleet management innovations.”