eCapital, a supply chain financial services provider, has joined the Blockchain in Trucking Alliance (BiTA), which was formed by tech and transportation executives to create a forum for the development of blockchain standards and education for the freight industry.
Member companies can be viewed here.
BiTA believes blockchain — a ledger of records arranged in data blocks using cryptographic validation to link themselves together resembling an unending chain — is one of the most significant developments for the trucking industry since the creation of the internet. By providing more clarity and standards around blockchain through education and promotion of the technology, BiTA intends to be the leading blockchain voice for the industry.
“It’s clear there is a convergence of innovative and potentially disruptive technologies based on the digitalization of transportation and logistics processes – which includes invoice financing and settlement services. We see innovations like blockchain as a potential positive disruptor to the established interplay among the participants within the supply chain, which includes shippers, carriers, 3PL’s and the financial intermediaries that allow the industry to function,” said Richard Piontek, chairman of eCapital. “Forward-thinking financial services providers like eCapital are pleased to be a part of the BiTA alliance where we intend to help redefine how carriers are paid and payments are managed.”
BiTA plans to build the first set of transportation industry-specific blockchain standards. BiTA is focused on providing educational resources and open forums to those interested in leading the evolution of the trucking industry through the efficiencies offered in blockchain technology.
For more information about BiTA visit www.bita.studio.