Slync, an enterprise blockchain platform for shippers, carriers and brokers, has joined the Blockchain in Transport Alliance (BiTA), a first-of-its-kind trucking industry consortium for developing and promoting industry standards in blockchain use. The organization’s mission is to provide more clarity and education around blockchain applications and encourage its adoption through exemplary implementation.
“The freight and logistics industry is ripe for disruption with new technologies. Blockchain is one technology that will revolutionize the way the industry operates and create new value and efficiencies for all parties across the supply chain,” said Chris Kirchner, CEO and co-founder of Slync. “The application of blockchain represents a significant milestone for the freight industry. The forum BiTA provides to collaborate with other industry leaders on performance expectations and implementation will be invaluable as we work to deliver more value for our customers and partners.”
Slync will also present a live demo at Transparency ’18 in Atlanta. The demo will showcase how Slync streamlines international transactions in the supply chain with blockchain. With Slync, companies can save time in sending paper documents back and forth, never lose a paper document by digitally logging it to the blockchain, and reduce the $5B in courier fees related to shipment documents.
BiTA’s standards will address the stewardship of smart contracts, freight payments, asset maintenance and ownership history, chain of custody of freight and other issues facing the transportation and logistics industry. The organization was founded in August 2017 to create industry standard uses of blockchain applications and provide direction for the development of the technology in a way that fosters efficiency, transparency and trust.
Slync’s enterprise blockchain solution enables all partners in a supply chain to validate and manage transactions in a less expensive and more efficient way. Using blockchain technology, Slync creates an immutable audit record of any series of events within a supply chain, specifically focused on domestic and international shipment transactions. The events Slync logs include documentation, such as a bill of lading, IoT data, and associated costs. Slync saves its customers time and more, drives efficiency and automation, and provides a collaborative system of record for business partners, reducing disputes.
“Our mission is to enable systematic change by transforming the way businesses transact, improving financial outcomes and helping our partners deliver safe, high-quality goods to customers, as efficiently and effectively as possible,” added Kirchner.
Other current BiTa members include UPS, FedEx, Schneider, Penske and SAP.
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