Chainstack, a Singapore-based multi-cloud and multi-protocol Platform as a Service using decentralized networks, has joined the Blockchain in Transport Alliance (BiTA).
BiTA is involved in determining best practices in the transportation, logistics, and supply chain marketplace using blockchain.
Supply Chain Platform Chainstack Joins World’s Largest Commercial Blockchain Alliance
The world has spent the last few years finding new use cases for blockchain. Billions of dollars have been spent funding DLT startups that aim to disrupt entire sectors of the global economy. Supply chain is one of them as blockchain promises to digitally identify and track transactions, contracts and shipments, which make operations more transparent and reliable.
Using distributed ledger systems will improve customer experience and create new revenue streams by improving numerous processes, according to Chris Burrus, president of BiTA, reports Freight Waves.
“Blockchain can transform the supply chain by improving transparency and innovation. We are pleased that Chainstack has joined the Alliance, and I believe its technology expertise will help BiTA develop and deploy blockchain standards.”
Burruss also stated: “Blockchain technology has the potential to improve performance for every company within the industry, and more importantly improve the experience those companies provide their customers. Alliance members are working together towards this important goal.”
Chainstack, whose set of APIs helps businesses to implement decentralized networks and progress from PoC to production on their use cases, intends to expand their business in the logistics sector, according to Laurent Dedenis, CEO of Chainstack.
“The transport and supply chain management industries are being enhanced by blockchain-based solutions. The prospect of optimizing processes and cost is huge, and to realize the full potential of blockchain, industry players will need a platform like Chainstack that provides ease of use in deployment and flexibility in cloud and protocol choice.”
BiTA has more than 450 members collectively generating over $1 trillion in revenue annually, making it the largest commercial blockchain alliance in the world. Primarily from freight, transportation, logistics, and affiliated industries, members aim to educate the market and develop a standards framework.
The Blockchain in Transport Alliance has included big names in their membership in its goal to implement blockchain technology for the purpose of improving security and transparency in the shipping industry. FedEx, GE transportation, and JD Logistics, United Parcel Service Inc, Bridgestone Corp, and German software company SAP have all joined the BiTA.
In February 2018, Warren Buffet’s railway also joined the alliance. The BNSF Railway joined the market standards.
Featured image from Shutterstock.
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