OneLedger, a company that bridges the gap between enterprise applications and existing decentralized technology, providing connectivity to both centralized and decentralized systems, announced it has joined the Blockchain in Transport Alliance, or BiTA. The Alliance has quickly grown into the largest commercial blockchain alliance in the world, with nearly 500 members in over 25 countries that collectively generate over $1 trillion in revenue annually.
But what does blockchain provide to the commercial transportation industry? If a company already uses it, blockchain’s ability to adapt to consumers’ needs, increase efficiency, lower costs and eliminate loss and fraud are well-known. These challenges don’t exist within blockchain; the entire network can contribute and validate data, and it is no longer a matter of inefficiency or tampering.
BiTA’s members have recognized that the key to a successful implementation of blockchain in the freight industry is the creation of universal standards, and the team at OneLedger will contribute to the universal standards created and adopted by BiTA members, and which will then be available to the industry through open source. OneLedger will also bring a wealth of digital experts and innovative technologies to help develop blockchain-based solutions for the industry.
“Blockchain technology can transform the supply chain by introducing greater transparency, innovation and efficiency,” said Patrick Duffy, BiTA president. “Members like OneLedger will be the key to BiTA’s success. The collective knowledge, insight and experience of Alliance members will help enable the best uses of blockchain in the transportation industry. OneLedger can help BiTA ensure the development of blockchain-based systems, and these systems will help create meaningful value for a diverse set of organizations leveraging blockchain for transportation and freight logistics.”
OneLedger’s Founder, David Cao said, “We’re excited about OneLedger’s new partnership with BiTA. I believe our technology will empower the business to new heights and keep it ahead of the technology curve with innovative distributed ledger technology solutions developed by our experts.”
OneLedger is a cross-chain application platform designed to create asset transparency and visibility across a client’s business. OneLedger can help monitor and track goods throughout the supply chain and trigger processes in various systems within an organization.
OneLedger’s API Gateway makes integration into a client’s software systems fast and easy. Its modularization tools allow a client’s business applications to interact with its private blockchain consortium or permit transactions on a variety of public blockchain networks.
BiTA is a member-driven organization; members are primarily from the freight, transportation, logistics and affiliated industries. Alliance members share a common mission of driving the adoption of emerging technology forward. BiTA accomplishes this by developing industry standards; educating members and others on blockchain applications/solutions and distributed ledger technology (DLT); and encouraging the use and adoption of new solutions.