Indian IT services company HCL Technologies has joined the Blockchain in Transport Alliance (BiTA).
The organisation, which counts Daimler, FedEx, SAP, and Uber Freight among its members, was set up by executives in the technology and transport sectors to provide a forum in which blockchain standards could be developed for the freight industry.
Blockchain technology is being harnessed by the financial services industry for its potential to track and secure transactions using distributed ledgers. BiTA represents the freight industry’s commitment to explore the ways in which that same capability can be reconciled with goods and freight across the supply chain.
Developing blockchain standards
HCL Technologies brings firsthand experience in the space to BiTA. The company’s CoTrust platform is specifically designed for the development of blockchain applications.
HCL Technologies’ executive VP and head of public services and manufacturing, Ajay Bahl, outlined how important it is for stakeholders in the transport and logistics industries to engage with each other and create common standards for blockchain applications.
“HCL’s partnership with BiTA, and working alongside other global industry leaders in transportation, logistics, and supply chain, will allow us to engage in the development of standards for how blockchain technology will be used in such transportation activities as track and trace, provenance, smart contract management, compliance management, and fraud detection,” he said.
“By helping to develop a common framework and standards through working with industry participants, we will promote broad adoption of this disruptive digital technology for transportation and logistics.”
BiTA president Chris Burruss welcomed the move, saying, “Blockchain technology will transform the supply chain by introducing greater transparency, innovation, and efficiency.
“We are fortunate to have member companies like HCL Technologies, who have experience with blockchain applications. They will be a key player in helping us develop blockchain standards in transportation.”
Internet of Business says
The BiTA consortium is one of several set up to explore the application of blockchain and other distributed ledger systems in the transport sector, along with related technologies and issues, such as cryptocurrencies, micropayments, and digital twins.
On 2 May, the Mobility Open Blockchain Initiative (MOBI) announced its formation. That consortium’s aim is to create a minimum viable network for the technology, one that includes automakers, public transportation and toll-road providers, technology firms, blockchain innovators, such as Fetch and the IOTA Foundation, academic institutions, startups, and regulatory bodies across the globe.
Read our detailed report on MOBI here.
Its 37 founding partners also include: Accenture; Blockchain at Berkeley; BMW; Bosch; Context Labs, Crypto Valley Association; Dashride; Digital Twin Labs; Ford; General Motors; Hyperledger; IBM; Luxoft; Outlier Ventures; Renault; and the Trusted IoT Alliance.
MOBI will be working with its partners on projects related to: vehicle identity, history, and data tracking; supply chain tracking, transparency, and efficiency; autonomous machine and vehicle payments; secure mobile commerce; data markets for autonomous and human driving; car sharing and ride hailing; and usage-based mobility pricing, along with payments for vehicles, insurance, energy, congestion, pollution, and infrastructure.
Under that scheme, BMW, Jaguar Land Rover, Bosch, Ford, and Toyota are collaborating with the SMMT to encourage tech startups to pitch solutions to a range of challenges facing the automotive industry, including blockchain and the Internet of Things (IoT).
Internet of Business is committed to being a key resource for blockchain news and analysis, exploring the ways in which distributed data systems link with the IoT, smart environments, manufacturing, and more, to create new business and financial opportunities, as well as being transparent about the strategic and operational challenges of these new technologies.
Here are just some of our most recent reports on this emerging sector:
- Read more: The crater scape! Blockchain partnership to map Moon landing sites
- Read more: Banks’ use of AI, blockchain, cloud is systemic risk, warns industry
- Read more: IBM, Veridium, Stellar launch blockchain for trading carbon credits
- Read more: IIoT security: Xage combines blockchain, digital fingerprinting
- Read more: Banking on blockchain: Poland moves 140m credit records onto Billon
- Read more: Helium launches blockchain machine network for the IoT
- Read more: Facebook sets up blockchain/crypto exploration team
- Read more: IBM, Marsh launch blockchain-based insurance network
- Read more: AidCoin aims to restore trust in charities via crypto and blockchain
Additional reporting: Chris Middleton.