Blockchain and trucking
Keep up with company developments or catch our latest industry, safety and customer service highlights. BiTA will build the first set of transportation industry-specific blockchain standards by engaging the brightest minds from the most influential leaders in transportation, finance and technology. YRC Worldwide Inc. Collectively, YRC Worldwide companies have one of the largest, most comprehensive LTL networks in North America with local, regional, national and international capabilities. BiTA believes blockchain is one of the most significant developments for the industry since the creation of the internet. They intend to be the leading blockchain voice for the industry by providing more clarity and standards around blockchain through education and promoting the technology.
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- Blockchain for Trucking
- Shipping Giants Employ Blockchain Technology to Manage Supply Chain Logistics
- About BiTA
- How blockchain is set to transform the transport industry
- Blockchain in trucking: could it change the industry?
- Platforms and Blockchain Will Transform Logistics
- Walmart Canada leverages blockchain to solve a billing nightmare
- Blockchain – What Is It? Why Should I Care?
- Blockchains and Intermodal Transportation
Blockchain for Trucking
The modern transportation ecosystem relies upon technology every second of every day. From the practical applications of machine learning and artificial intelligence to the futuristic appeal of the Internet of Things and blockchain technology, every element of the global supply chain can now be influenced by technology.
Blockchain is a shared, distributed ledger that facilitates the process of recording transactions and tracking assets in a business network. An asset can be tangible like a truck, or intangible like an insurance requirement. The blockchain that supports cryptocurrencies like bitcoin is a public network open to any investor with millions of users around the world. The blockchain proposed in the U. Some view blockchain technology as a silver bullet for the freight industry, do you share that optimism?
The promise of blockchain has, at times, outweighed the hurdles facing its implementation, at least as it relates to public opinion.
The prospect of shippers, carriers and brokers collaborating on a secure, frictionless network, is undoubtedly exciting. This raises the question: What exactly is preventing blockchain technology from revolutionizing the trucking industry? In my opinion, there are three clear impediments. For starters, the technology itself is slow.
For context, consider Bitcoin and how that works. If you were transferring money from overseas to the U. Small carriers, who have six or fewer trucks in their fleet, account for over 85 percent of all trucking companies. In order to participate in the blockchain, both carriers and shippers must have access to the software, hardware and operational knowledge of the technology.
Additionally there would be a cost associated with a private blockchain system, particularly at the hardware level private processors. The third and final hurdle standing between our industry and blockchain utilization is data sharing. Many shippers view their supply chain data as proprietary information and would be unwilling to part with it. On the carrier side, fragmentation and technological adoption issues have been present for some time. The electronic data interchange EDI is an example of an attempt to create a single standard in the logistics industry.
Different companies use different versions of EDI, which results in very meticulous and time-consuming integration and development work so that companies can collaborate. Current security, speed and transparency concerns are all well founded and would need to be addressed before we could realistically call for widespread adoption as an industry.
While a blockchain-logistics marriage remains an interesting what-if scenario, platforms like Transfix are actually delivering reliable and flexible capacity at the speed businesses need to power their modern supply chains. Tweet at us with the hashtag TalkToTech.
Blog Industry Shippers. Blog Market Update. Blog Carriers Culture. Transfix Tech Talk Blockchain. What is blockchain technology? Related Content. Transfix accelerates into the fast lane with plans to go public via merger with G Squared Ascend I, Inc. Read more here.
Shipping Giants Employ Blockchain Technology to Manage Supply Chain Logistics
Exponential technologies will revolutionise how freight moves through cities and around the world. Sensors, networks and infinitely powerful computing that is cheap and accessible to everyone, everywhere, all the time, will support the rapid development of technologies that were once science-fiction but are deceptively close to disrupting logistics as we know it. From 3D printing and artificial intelligence to robotics with virtual and augmented reality, Blockchain technology provides the foundation for commercial and operational applications of these new capabilities that will improve freight services and impact all supply chains. Logistics companies are beginning to use emerging Blockchain platforms for cross-border trade to facilitate financial settlements, customs and security protocols and manage freight flows.
At a time when many trucking companies are figuring out whether to try to adopt blockchain technology into their operations somehow, the mostly water-hauling company Nuverra is engaged in not one but two blockchain initiatives. The energy-focused hauler has a three-year deal with one provider of blockchain technology. Separately, it just completed the first phase of a trial with a major oil company that was working as part of an oil industry-backed blockchain initiative. Nuverra Environmental Solutions is based in Arizona but is active in most of the major oil basins in the U. The pilot used blockchain technology to track record keeping for the water-hauling and disposal service that Nuverra provided to Equinor for five wells in the Bakken field, the North Dakota-centered producing area. A company called Data Gumbo provided the blockchain technology for the initiative between Equinor and Nuverra. The other initiative has been ongoing since earlier this year. A pilot project turned into a three-year contract between Nuverra and Ondiflo, a Houston-based blockchain technology company. The blockchain service that Ondiflo provides for Nuverra deals with services other than water disposal, such as dispatching. The Ondiflo-Nuverra initiative, which went from pilot program to three-year contract on April 1, involves both Nuverra and well operators.
How blockchain is set to transform the transport industry
Speaking on a recent panel, Nick Johnson, developer at the Ehereum Foundation, spoke about how blockchain could change the transport industry alongside other technologies both in the near future and as society continues to evolve. Smart contracts stored on the blockchain could help change that. As well as this, there are around 1. Organisations such as the Blockchain in Transport Alliance are already working towards the larger goals associated with advancing technology, such as using common framework for logistics management, asset tracking, transaction processing and more on the blockchain. We believe it holds a lot of promise in that space and would streamline all that data exchange in a very secure way.
Blockchain in trucking: could it change the industry?
Overland Park, KS, January 4, — TreviPay has been accepted as a member of BiTA, the Blockchain in Transport Alliance, to aid in the creation of benchmark standards and begin to extract the full potential of the technology in the transportation industry. BiTA is the forum for the advancement of blockchain in transportation, guiding the infrastructure to be the leading blockchain voice providing more clarity and benchmark standards through education and promoting the technology. Members know blockchain is the way of the future and agree to usher the evolution to benefit the entire industry. The full spectrum of payment solutions offered by TreviPay aligns with BiTA to address major issues surround freight payments. Collecting and settling payments can be a painful process with archaic systems and security issues. The first set of standards will be developed and published next year.
Platforms and Blockchain Will Transform Logistics
For customer support inquiries www. If you were involved in the trucking and logistics industry in and someone told you the industry would be, within 20 years, almost percent digitally managed, and that getting real-time data from your trucks — or even the individual goods being carried on trucks — would be an everyday occurrence, you likely would have dismissed them. Of course, because blockchain technology is only a decade old, it is most closely associated with the trading of cryptocurrencies like Bitcoin, and still is not very widely understood. The common response to such projections is often skepticism. But those who are skeptical about the future importance of blockchain — and the speed of its approach — within the trucking and logistics world need only visit the website of BiTA, the Blockchain in Transport Alliance.
Walmart Canada leverages blockchain to solve a billing nightmare
Our utmost concern is for the health and safety of our team, our customers, and our communities. Launched by industry leader Craig Fuller, BiTA is a group of industry leaders who share a vision of influencing blockchain technology to develop standards and education for the freight industry. Blockchain is a technology that allows identifying and tracking transactions digitally along with sharing that data across a distributed network of computers.
Blockchain – What Is It? Why Should I Care?RELATED VIDEO: Blockchain in trucking
Although the payouts can be lucrative, shipping companies and retailers are losing out on a significant percentage of the profits due to inefficient practices, unnecessary middlemen costs, theft, cyber attacks and food spoilage. Blockchain offers an end-to-end solution for companies that want to run leaner, more organized and more efficient operations. A decentralized public ledger system that documents all changes to a record in real time, Blockchain can help make logistics companies more efficient via a public ledger system that records the motions of each shipping container. Armed with that data, companies can implement faster routes and eliminate unnecessary steps in the delivery process.
Blockchains and Intermodal Transportation
The idea that mathematics could help deliver savings and efficiencies in the world of transport and logistics is not a new one. Advanced telematics and route planning software are just two well established examples of number-crunching nous in action. And according to Volvo Trucks, there could be more to come, with the company predicting that the intelligence behind crypto currencies like Bitcoin could be next to make an impact. As Jonas Lindholm, Vice President of Productivity Services at Volvo Trucks explains, blockchain technology is based on a branch of mathematics called cryptography. The technology uses a chain of protected records to share the details of transactions to all participants in the blockchain and distribute records across a network of computers—thereby eliminating the need to maintain records centrally. If a record in one block is changed, the records in each block in the chain are changed. This means no-one can alter the data within the blockchain without the permission of everyone else, making this a highly secure technology.
The technology holds great promise, but to encourage its proliferation, we believe that developing industry standards were paramount. Through the engagement of the most experienced, influential leaders in transportation, finance and technology, BiTA plans to build the first set of transportation industry-specific blockchain standards to help propel the evolution of the trucking industry. Based in Birmingham, AL, PS Logistics is a full-service logistics company, providing solutions such as asset transportation, brokerage, 3PL and supply chain services. PS Logistics serves customers in various industries throughout the United States, with a network of over 2, trucks, logistics professionals and 50 terminals.