The Blockchain in Trucking Alliance (BiTA), a forum to develop and adopt blockchain applications in the logistics industry, has gained the support of Transflo — a mobile, telematics, and business process automation provider to the transportation industry in the US and Canada.
This new partnership promises to develop technology standards, promote educational efforts, and implement blockchain capabilities in the trucking and freight shipment industry.
Transflo will contribute insights and expertise from its category-defining software and transaction base.
The company is on track to facilitate more than US$54 billion in freight bills, send 75 million mobile communications, and digitize nearly 500 million documents annually.
Blockchain is a type of technology that structures data in blocks that serve as a transparent activity ledger, documenting transaction history among parties.
The technology can be used to manage and confirm economic transactions.
Transflo’s innovation teams have been exploring use cases about blockchain and the company’s electronic logging, mobile, and imaging solutions.
Industry standards may help them bring new solutions to market.
Read the 'Blockchain Technology for Ports' technical paper by Wolfgang Lehmacher, World Economic Forum, to understand why blockchain is important to the port, harbour, and terminal industries
Frank Adelman, Transflo President and Chief Executive Officer, said: “Software and technology continue to accelerate change across the transportation sector.
“With the right standards and industry support, blockchain may dramatically improve data quality and transform the way the industry does business.
“The BiTA mission and membership are compelling, and we’re excited to be an early member.”
BiTA members include influential technology firms, carriers, shippers, brokers, and OEMs.
Working together with other companies in the organization, Transflo will help drive innovation in transportation commerce.
The consortium expects to tackle initiatives that encourage the use of blockchain applications that improve contract management, shipment optimization, and record keeping.
Craig Fuller, Co-founder of BiTA, said: “Transflo’s unique mobile, ELD, and document footprint provide important representation to the Blockchain in Trucking Alliance.
“They’re a credible leader with a history of digitizing trucking processes. That’s expertise needed in blockchain, and we’re pleased to welcome them as a new member.”