A Spanish start-up founded in 2017 to promote the digital revolution in the global logistics sector, ChainGO Tech has joined the Blockchain in Transport Alliance (BiTA). ChainGo Tech’s primary focus is on international trade and transport, such as the maritime shipping.
Blockchain is an open, distributed digital ledger that can record and share transactions between two or more parties efficiently, securely and permanently. Blockchain enables transportation companies to more accurately track shipments, routes and transport vehicles (in all modes) while providing a highly secure platform that permits faster processing and payments.
Blockchain applications are expanding globally. BiTA and its members are developing best practices and standards for blockchain in transportation/logistics. BiTA is also providing information and educational materials relating to blockchain technologies for the freight, transportation and logistics industries.
According to the International Maritime Organization, maritime transport is essential to the world’s economy; over 90 percent of the world’s trade is carried by sea and it is, by far, the most cost-effective way to move goods and raw materials en masse around the world.
However, the maritime industry has a number of key problems, including bureaucratic inefficiency and risk of fraud. Previous efforts to digitize global trade in the maritime sector (and within other transportation modes) have been met with trepidation due to the lack of clear and common objectives and trust between individual actors. Blockchain technology can help avoid these problems.
“Our platform is based on blockchain technology that guarantees the realization of verified transactions, transparency and full confidence in the authenticity of documents,” stated ChainGO Tech CEO Andrés Garrido. Blockchain provides transparency and immutability of information and is considered one of the technologies that is expected to disrupt the logistics industry.
Garrido added, “Partnering with BiTA, ChainGO Tech want to take part in defining and developing blockchain standards for transportation and logistics. Being involved with leading companies in the sector and emerging technological companies worldwide, all pushing in the same direction, is an incredible opportunity that will help all of us.”
Oliver Haines, Vice President-European Region for BiTA, said, “On behalf of BiTA and its members around the world, I welcome ChainGO Tech to the BiTA Community. We look forward to the company’s contributions to the Alliance. ChainGO Tech brings expertise in current supply chain practices, which is important for the establishment of a seamless path into blockchain application.”
“We are grateful to BITA, its staff and membership for this opportunity to offer our know-how,” Garrido said. “ChainGO Tech can make a contribution in this new era of digitalization and transformation.”
Based in Madrid and Valencia, ChainGO Tech offers innovative software solutions based on blockchain technology that manage the burdensome transport and cargo documentation process involved in sea, ground and air transportation. ChainGO Freight is the platform the company launched earlier this year. ChainGO Freight connects the many different players in the global supply chain with a safe, secure and efficient process backed by an immutable blockchain.
ChainGO Tech offers clients a complete platform dedicated to seamlessly managing and controlling documentation in cargo transport. The company has a novel approach, with an agnostic blockchain solution aimed at providing a high level of customization tailored to the needs of every client.
Founded in August 2017, BiTA has quickly grown into the largest commercial blockchain alliance in the world, with nearly 500 members that collectively generate over $1 trillion in revenue annually. BiTA members are primarily from the freight, transportation, logistics and affiliated industries. Alliance members share a common mission to develop a standards framework, educate the market on blockchain applications and encourage the use of those applications. BiTA has offices in Chattanooga, Tennessee (North America Region); Sydney, Australia (Asia-Pacific Region); and London (European Region).