Blockchain in Trucking Alliance (BiTA), a forum to develop and adopt blockchain applications in the logistics industry, has expanded its members with eCapital — a company that supports the maritime supply chain through funding for businesses.
As a technology-powered payment services provider, eCapital is developing access to capital to streamline the flow of information and funds for shippers, carriers and logistics service providers.
eCapital aims to create “financial freedom” for its customers by offering fast, reliable payment for invoices, including professional account management and back office support.
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BiTA’s blockchain group of experienced tech and transportation executives are creating a forum for the development of the technology’s standards and to educate the freight industry.
It believes that blockchain — a ledger of records arranged in data blocks using cryptographic validation to link themselves together resembling an unending chain — is one of the most significant developments for the trucking industry since the creation of the internet.
BiTA intends to be the leading blockchain voice for the industry by providing more clarity and standards around blockchain through education and promotion of the technology.
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BiTA is focused on providing educational resources and open forums to those interested in leading the evolution of the trucking industry through the efficiencies offered in blockchain technology.
Richard Piontek, Chairman of eCapital, said: “It's clear there is a convergence of innovative and potentially disruptive technologies based on the digitalization of transportation and logistics processes – which includes invoice financing and settlement services.
“We see innovations like blockchain as a potential positive disruptor to the established interplay among the participants within the supply chain, which includes shippers, carriers, 3PL's and the financial intermediaries that allow the industry to function.
“Forward-thinking financial services providers like eCapital are pleased to be a part of the BiTA alliance where we intend to help redefine how carriers are paid and payments are managed.”