Blockchain Standards in Freight
Hundreds of companies across the global logistics landscape are coming together to discuss and develop blockchain standards for the industry.
BiTA was founded in August 2017, and while progress has been made, much remains to be accomplished. The inaugural BiTA event was held in November 2017 to start discussions with the first members to join the Alliance. In December 2017, the first board of directors for the BiTA standards organization (BiTAS) was established. In May 2018, the membership convened for the first time at the BiTA Spring Symposium to discuss standards development and implementation. The BiTA Fall 2018 Symposium takes place November 14 in Grapevine, Texas.
In addition to scheduled events, members continue the conversation year-round through BiTA’s members-only discussion board. The new members-only section of the BiTA website also provides members with specific information for their use.
Blockchain-Related Issues for BiTA Review
Whether it is a smart confirmation sheet or a forward contract, smart contracts that self-execute are the future of freight tendering.
Grey Trailer Pools
With ELDs being implemented, drop-and-hook freight will become more desirable. Trailer pools are also nearly impossible to manage under current processes. Solving this issue will revolutionize the way carriers, shippers and 3PLs manage their asset pools.
Collecting payment and settling freight bills is a painful process that is archaic and fraught with fraud and integrity issues.
Transparency & Chain of Custody of Freight
New regulations and safety standards require everyone in the supply chain to know what is happening with freight at all times, who touched it, where it has been and how it was maintained.
Asset Maintenance & Ownership History
Having a trustworthy and accurate record of asset history is imperative to ensure compliance with safety standards and help buyers know the complete history of an asset from the time it leaves the factory floor.
BiTA is a membership organization that encourages members to develop their own applications and share those concepts with other members. If you know of an issue that blockchain technology can help solve, please tell us. BiTA is not involved in developing commercial blockchain applications – that is up to its members. If you have a concept or idea, let us know and we will bring it up at our next meeting.