JD.com, a retailer behometh and one of Asia’s largest internet companies announces its partnership with some of the leading global freight and logistics companies. The Chinese retailer is no stranger to logistics, having a massive logistics arm that serves e-commerce consumers all of the world. Today, the firm announced its membership in the Blockchain in Transport Alliance (BiTA). The firm hopes to share its experience and applications around blockchain technology with global freight giants, including UPS, FedEx, Penske, Schneider National, YRCW, Echo, Globaltranz, CH Robinson, and SAP.
The company will use the technology to optimize supply-chain flow through advanced technology, enhancing cross-border logistics and communications, and to promote cooperation and collaboration in the industry.
Founded in August 2017, BiTA is the largest blockchain commercial alliance in the world, representing hundreds of global freight transportation companies that combined generate over one trillion dollars. The aim of the industrial freight alliance is to develop and encourage blockchain technology standards for global freight and logistics companies and to enhance the security and safety of global supply-chains. Jingdong logistics is the first Chinese domestic logistics enterprise to join the alliance, but connecting to other global freight partners is important as JD.com accelerates its growth.
“We are excited about our collaboration with JD.com and the significant influence they play in the Chinese retail market. The firm’s embracing of blockchain technology is a testament to their forward thinking and constant focus on innovation. Their membership in BiTA is further validation that the Alliance is creating a global framework for freight collaboration and standards. Supply-chains are truly global and we are humbled and excited that JD.com has entrusted BiTA and its membership with its support and partnership.” -Craig Fuller, Managing Director of BiTA.
JD.com has always been at the forefront of technology innovation and it is imperative that the company continues to identify and develop new generational technology that create comprehensive and intelligent logistics systems. Because of its decentralization and trustless elements, blockchain technology jointly establishes reliable database features through multiple parties and enhances the reliability of information delivery systems, tracking, and providence. Additionally, the technology also enhances the speed of information tracking, lowers costs, and accelerates cash-flows of participants.
Most notably, the technology provides traceability and identification of product management for the logistics industry. The security and tracking layer can provide visibility and chain of custody tracking from production, storage and throughout the transportation process. The technology has been frequently identified for its importance in global trade and cross-border transactions.
Stay up-to-date with the latest commentary and insights on FreightTech and the impact to the markets by subscribing.