, 2022-10-12 17:58:18,
Five years after blockchain technology burst onto the transportation scene, you may wonder whatever happened to it.
In 2017, blockchain was touted as the answer to transportation woes ranging from supply-chain visibility to outdated EDI (electronic data interchange) technology. A new group, the Blockchain in Trucking Alliance, was formed to advance the adoption of blockchain technology by trucking.
BiTA was launched by Craig Fuller, CEO and managing director of TransRisk, with founding partners such as McLeod Software, Triumph Business Capital, U.S. Xpress, Convoy, 10-4 Systems, and Fleet Complete. By the end of the year, it had broadened its focus to all transportation and changed its name to the Blockchain in Transport Alliance. Companies such as Penske and UPS joined the group.
With blockchain-capable transactions, BITA contended, the trucking industry could gain several benefits, such as immediate payments to drivers upon delivery, self-directing fuel and maintenance payments, complete automated settlements, and infinite recording of carrier history and safety.
Blockchain is a combination of technologies that allow transactions between parties via a trusted, shared ledger. Each transaction is coded into a block, which becomes part of a chain of…
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