The Blockchain in Transport Alliance (BiTA) is pleased to announce that BP, a global energy leader, has joined the organization. BiTA is an organization dedicated to determining best practices and standards for blockchain in the transportation, logistics and supply chain marketplace.
Blockchain technology enables transactions to be identified and tracked digitally and shared across a distributed network of computers. In the supply chain, blockchain enables participants to more effectively track goods and freight and to operate in a more seamless and transparent manner. It can also help to create new revenue streams and value for customers by enabling a system to complete transactions, track shipments and manage fleets.
BP America will bring its deep expertise in energy industry logistics to the Alliance and help develop blockchain-based solutions for the energy industry. Utilizing blockchain to create more efficiencies and standardization along the value chain is a near-term focus for the industry. Other areas that blockchain technology may be useful include improving trade execution, breaking down data silos, managing invoice processes, supply chain management and smart contracts.
According to Chris Burruss, President of BiTA, “Blockchain can transform the supply chain by improving transparency and innovation. On behalf of the members of BiTA, I welcome BP America to the Alliance. Its size, scope and energy industry expertise will help speed the development of blockchain standards.” Burruss also stated, “Blockchain technology has the potential to improve performance within the energy industry and improve the experience companies using blockchain provide their customers. Alliance members are working together towards this important goal.”
About the Blockchain in Transport Alliance
Founded in August 2017, BiTA has quickly grown into the largest commercial blockchain alliance in the world, with more than 450 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 (USA); Sydney, Australia (Asia-Pacific Region) and London (European Region). For more information, please visit the BiTA website at www.bita.studio/.