GE Transportation (NYSE:GE), a global technology leader and supplier of equipment, services and digital solutions to the rail, mining, marine, stationary power and drilling industries, announced today that it has joined the Blockchain in Transport Alliance (BiTA). BiTA is the transportation and logistics industry’s leading trade association for blockchain education and standards development.
“We understand the importance of using data and analytics to drive outcomes for our customers,” said Monica Caldas, Chief Information Officer for GE Transportation. “As a company, we’ve defined what it means to be a Digital Industrial leader – employing these technologies first internally to drive productivity and then applying those learnings for our customers’ benefit as well.”
Since BiTA was founded in the fall of 2017, more than 230 companies including truckload carriers, third-party logistics, tech firms, major retailers, class 1 railroads, OEMs, parcel carriers, financial service providers and data analytics companies have joined the alliance, with a collective revenue exceeding $1 trillion.
“As GE Transportation extends its capabilities into the broader supply chain, we’re connecting partners and customers at every node and across multiple modes,” said Laurie Tolson, Chief Digital Officer for GE Transportation. “We look forward to bringing our applications to BiTA as we collectively seek to leverage the potential of blockchain across the industries we serve.”
GE Transportation’s Digital Solutions provide data-driven insights to improve efficiency and bring visibility into and across intermodal supply chains. The RailConnect product suite, for example, is the backbone operational system for American Shortline railroads, automating and managing day-to-day operations, providing visibility to railroad assets and helping to ensure revenue protection for each traffic cycle. The recently launched Port Optimizer™, a cloud-based software solution developed with the Port of Los Angeles, is designed to enhance supply chain performance and predictability by integrating data from across the port ecosystem to enable better planning across those stakeholders. GE Transportation’s Digital Solutions also provide freight visibility, inventory management and settlement capabilities directly to bulk shippers.
“GE Transportation is always on the forefront of technology trends and investments that define the future of freight and supply chains,” said Craig Fuller, Managing Director of BiTA. “We are thrilled they are helping to lead the blockchain framework for the industry and will be an active participant in BiTA.”
At a high level, blockchain is a digital ledger technology capable of recording transactions and storing data in immutable blocks across a distributed network. Blockchain enables a digital supply chain and creates a peer-to-peer system of commerce that lends itself well to those with logistics and supply chain experience. While more than a few years away from becoming a mainstream technology, Gartner, a leading research and advisory company, quantifies the business value-add of blockchain at $176 billion by 2025 and then exceeding $3.1 trillion by 2030.
About GE Transportation
At GE Transportation, we move the world and improve the world. We are a global technology leader and supplier of equipment, services and digital solutions to the rail, mining, marine, stationary power and drilling industries. Our innovations help customers deliver goods and services with greater speed and savings using our advanced manufacturing techniques and connected machines. Established more than a century ago, GE Transportation is a division of the General Electric Company that began as a pioneer in passenger and freight locomotives. That innovative spirit still drives GE Transportation today and is strengthened by our ability to serve customers more holistically through the GE Store– a global exchange of knowledge, technology and tools across all GE businesses that ultimately provides better outcomes for customers. GE Transportation is headquartered in Chicago, IL, and employs approximately 9,000 employees worldwide.
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