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.”