In May 2017, Deloitte tweeted that 10% of global GDP would be built on top of blockchain applications. This huge and ambitious claim was made because of the transformative nature of the technology and the effect it will have on society. For logistics and transportation, it will have a bigger impact promising to shake up the $8T industry.
What is blockchain?
To put it simply, a blockchain is like a database, it’s a way of storing records of value and transactions. However, calling blockchain a new type of database is like saying email is a new way of sending people letters. While the blockchain is a database, that definition doesn’t explain the true genius behind how the blockchain stores records of value and transactions.
We continue our coverage of the technology and the impact on the freight markets and society as a whole.
To help the education process, we have prepared a blockchain glossary.
Datapace is the latest company to join the Blockchain in Transport Alliance (BiTA). Learn more about Datapace and BiTA in this article.
LA caught between straits of labor and capital; group looks for ocean freight’s Esperanto; and digital-first forwarder gets $20m funding.
Des Moines Truck Brokers (DMTB) is the latest company to join the Blockchain in Transport Alliance (BiTA). Learn more about DMTB and why it joined BiTA.
Another outbreak of salmonella poisoning has occurred - this one caused by tainted fruit. Read how blockchain could help deter and detect these outbreaks before they harm many.
Cocoa farming in Africa witnesses a lot of forced and child labor, which can be eliminated if the stakeholders within chocolate supply chains can have transparency on end-to-end operations.
Albertsons Companies is now part of the IBM Food Trust network, and plans to use blockchain in tracking its food produce from the farm to its store shelves.
Some benefits of blockchain that cut through the hype and change the game.
The momentum is strongest in developing countries, where concerns about pollution and traffic congestion are mounting.
Spanish logistics provider ChainGO Tech has joined the Blockchain in Transport Alliance. Read why the company joined the Alliance and what it hopes to achieve with its membership.
As food product recalls are becoming a frequent occurrence on account of contamination fears, the time is right for companies to look towards blockchain for creating better visibility into their supply chains and to reduce generic en masse recalls wherever possible.
The contradiction between the federal and state regulations on growing and distributing marijuana could be alleviated by bringing trustability into pot supply chains. This can be done by adopting blockchain technology which can account for every step of the marijuana logistics process from the field to the consumer’s doorstep.
Hong Kong-based Tigers, a global transportation and logistics company, is the latest member of the Blockchain in Transport Alliance (BiTA). BiTA is developing blockchain standards for the global transportation/logistics/supply chain marketplace.
The BiTA Standards Council has ratified the Alliance’s first data standard in record time. Read about the standard and the foundational framework endorsed by the Council.
GT Solutions, a transportation solutions provider based in France, is the latest member of the Blockchain in Transport Alliance (BiTA). BiTA is developing blockchain standards for the global transportation/logistics marketplace.
Blockchain in Transport Alliance (BiTA) has published its inaugural blockchain standards, with the consortium trusting the framework would act as a springboard for companies within the industry to develop blockchain-related applications.
Bumble Bee Foods is now using the SAP cloud platform blockchain service to trace the journey of yellowfin tuna from the Indonesian ocean to the consumers’ dinner table.
CargoX and dexFreight, the two blockchain logistics companies will collaborate in offering digital bill of lading solutions and cost-effective logistics operations.
Minnesota’s Tom Emmer sees blockchain hype giving way to reality and more widespread use of the technology taking hold - as long as Congress helps clear a path.
Asset Balance Solutions is the latest member of the Blockchain in Transport Alliance (BiTA). BiTA just released the first blockchain standard for the freight/logistics/supply chain industries.
BLOC recently collaborated with mining company BHP, Japanese shipping company NYK, and biofuel company GoodFuels, to deliver sustainable biofuel to the BHP-chartered, NYK-owned bulk carrier – all via BLOC’s blockchain fuels assurance platform.
Columbia Transport, based in Italy, joins the Blockchain in Transport Alliance.
Dale Chrystie of FedEx was elected as the first chair of the Blockchain in Transport Alliance (BiTA) Standards Council (BiTAS), during its February Board of Directors meeting.
DAC, a Polish software development and hardware integration company, has joined the Blockchain in Transport Alliance (BiTA), the largest commercial blockchain partnership in the world.
Scanlog, a Scandinavian logistics company will use ShipChain’s technology to improve visibility into its trucking operations, and plans to monitor up to a dozen Scanlog trucks by the end of the year.
dexFreight introduced the Early Adopters Program, through which companies that sign up will have exclusive access to early release versions of the dexFreight platform, and have the opportunity to interact with dexFreight’s development and product teams.
Cold supply chains suffer from opacity in their operations, which could turn disastrous especially during handoffs - when products are left unattended and might slip out of the prescribed conditions it needs to be stored under. Technology like IoT sensors and blockchain could help companies to monitor their cargo movement better.
Goods that are stuck at the borders would have to be declared at customs before entering the UK. The magnitude of the declarations would mean long queues at the port, and the U.K. government has reason to believe that blockchain could help avoid that.
SIMBA Chain has raised $500,000 in a pre-seed financing round, according to PR Newswire. Backers of the round include Elevate Ventures, the Notre Dame Pit Road Fund, Tracy Graham (chief executive officer of Data Reality) and Hari Agarwal (chief executive officer of AECI International).
In the transportation and logistics circles, blockchain has been an enigma - a technology that holds extensive promise on paper, and yet on the flip side, is extremely hard to implement.
Stakeholders within supply chains need to realize the potential of blockchain and look to work on pilot programs that can translate into commercial applications a few years down the road.