TRAC Intermodal has joined the Blockchain in Transport Alliance (BiTA), an organization for the development of blockchain standards and education for the transportation industry, with the goal of bringing together leading companies that are committed o developing blockchain technology.
“TRAC Intermodal has joined BiTA to better understand the role that blockchain can play in improving transparency and creating greater efficiencies among all the stakeholders in chassis provisioning,” said Keith Lovetro, President and Chief Executive Officer at TRAC Intermodal. He went on to say that, “We see this partnership as an ideal opportunity to help develop best-in-class standards for blockchain in our industry.”
Blockchain is a shared, distributed ledger that facilitates the process of recording transactions and tracking assets in a business network both tangible and intangible, allowing them to share information more efficiently and securely to improve global trade.
The Blockchain in Transport Alliance (BiTA), founded in August 2017, is a forum for promotion, education and encouragement to develop and adopt blockchain applications in the trucking, transportation, and logistics industry. BiTA’s goal is for members to participate, discuss, create and adopt industry standard uses of blockchain applications and to provide clarity and direction for the development of blockchain technology in the trucking industry in a manner that will create efficiency, transparency and foster trust.