A new industry group formed in August, the Blockchain in Trucking Alliance, intends to promote and establish the use of blockchain, a distributed digital ledger, in the supply chain.
With blockchain, a digital “block” represents each separate action taken and it is linked to a “chain” of related actions covering a freight shipment, for example.
Anything that is in blockchain is a complete and secure record of who did what and when and where they did it, and that record is shared among the parties, analysts said; blockchain can also be used to facilitate payments.
“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 was paramount,” Craig Fuller, CEO of TransRisk and co-founder of BiTA, said in a statement.
Charter members of the alliance include: Convoy, PS Logistics, U.S. Xpress, McLeod Software, TransRisk, Triumph Business Capital and 10-4 Systems Inc., according to BiTA.
The group plans an executive meeting in November to develop a “framework for what the organization hopes to accomplish, what is it the members themselves want to accomplish,” Fuller told Transport Topics.
A national conference will follow in May at the Georgia Institute of Technology, he said.