In May 2017, Deloitte tweeted that 10% of global GDP would be built on top of blockchain applications. This huge and ambitious claim was made because of the transformative nature of the technology and the effect it will have on society. For logistics and transportation, it will have a bigger impact promising to shake up the $8T industry.
To put it simply, a blockchain is like a database. It’s a way of storing records of value and transactions. However, calling blockchain a new type of database is like saying email is a new way of sending people letters. While the blockchain is a database, that definition doesn’t explain the true genius behind how the blockchain stores records of value and transactions. We continue our blockchain news coverage of the technology and its impact on the freight markets and society as a whole.
Automation and digitization continue to infiltrate the shipper and 3PL markets, even as those industries lag in investment, according to a study conducted by Infosys Consulting and presented during a Stifel conference call on Tuesday.
TMW’s Tim Leonard has been at the forefront of big data in transportation for decades. Now he’s leading the charge on developing blockchain business applications. Yesterday, Leonard spoke to FreightWaves about his recent product demos.
Cargill’s in-house blockchain will allow you to trace the journey of your Thanksgiving turkey, from farm to table. If this experiment in giving consumers unprecedented visibility into their food is successful, it will be expanded after the holidays.
Weeks after Mastercard announced its foray into blockchain technology, American Express (AmEx) has launched its own blockchain-based payment service through the fintech startup Ripple, according to a report by Reuters.
Blockchain is digital ledger that can improve global trade security, stop illegal smuggling, and more importantly, reduce transit times currently bogged down by bureaucracy.
Building a smart contract requires coding, and incorrect code could turn a good deal into a not-so-good deal. To help alleviate that problem, McLeod Software this week introduced FlowLogix Smart Contracts.
YRC Worldwide Inc. (NASDAQ:YRCW) has joined the Blockchain in Trucking Alliance (BiTA) to help lead, develop and promote benchmark standards for blockchain applications; the next generation of secure transactions in logistics and supply chain management.
At its core, fraud stems from a lack of transparency. More and more companies look to blockchain as a technology solution for increasing transparency.
Nick Darmanchev, CEO of Archer Atlantic Global Logistics, believes that joining BiTA, “provides us with an opportunity to embrace the technology while helping to lay a foundation on which the future applications we build will conform to agreed standards.”
Profit Tools Inc., a provider of Intermodal Transportation Optimization Solutions, today announced that it has joined the Blockchain in Trucking Alliance (BiTA).
GlobalTranz Enterprises Inc. announced it has joined the Blockchain in Trucking Alliance (BiTA), a group of industry executives and companies dedicated to developing and promoting blockchain technology standards throughout the logistics and trucking industry.
Today SAP SE, a global leader in enterprise management software, announced their partnership with the Blockchain in Trucking Alliance (BiTA). SAP is a German multinational corporation with 84,000 employees serving 365,000 business and public sector customers in 180 countries.
Choptank Transport, an award-winning, nationwide third-party logistics (3PL) provider announced today that it has joined the Blockchain in Trucking Alliance (BiTA) to help shape the future of logistics technology.
A push to increase detention pay has been gaining momentum in recent years in the U.S., yet detention remains a significant problem for carriers. Could the introduction of ELDs and blockchain eliminate that problem?
Fort Worth, Texas-based Apex Capital Corp, a freight factoring company serving small to medium-sized trucking companies, proudly announces its membership in the Blockchain in Trucking Alliance (BiTA).
Transfix, the technology platform that is changing the way companies and shippers manage their supply chain, announced today that it has joined the Blockchain in Trucking Alliance (BiTA).
Azuga, a leading global provider of connected vehicle and fleet technologies, today announced that it has joined the Blockchain in Trucking Alliance (BiTA).
Tadmore Transportation, a freight brokerage firm headquartered in Toledo, OH, announced today that it has joined the Blockchain in Trucking Alliance (BiTA). BiTA was established in August 2017 to bring logistics leaders together to cooperatively develop industry blockchain standards.
FR8 Revolution, creators of the FR8Star.com marketplace for open deck carriers and shippers, announced today it is has joined the Blockchain in Trucking Alliance (BiTA), a forum for the development of blockchain technology standards.
Cargo and vehicles can become damaged en route, and often carriers are on the hook for those damages. But a new startup, PEIR, is providing photographic proof of conditions to help protect carriers.
UPS (NYSE:UPS) today said it has joined the Blockchain in Trucking Alliance (BiTA), a forum for the development of blockchain technology standards and education for the freight industry.
Argus Transport Canada, a technology-driven Montreal based trucking and 3PL today announced it has joined the Blockchain in Trucking Alliance (BiTA).
“Uberization” has become a huge buzzword in the 3PL industry, but the business models of the digital brokers using apps is unlikely to have an impact on the way the industry operates. The technology of smart contracts, however, is a game-changer.
ITS Logistics announces they have joined the Blockchain in Trucking Alliance. This will allow ITS Logistics to play a role in creating a common framework and standard for blockchain technology as it proliferates into the freight and logistics industry.
C.H. Robinson, a world-leading third-party logistics (3PL) provider, announced today that it has joined the Blockchain in Trucking Alliance (BiTA) to influence the development of blockchain standards and applications in the transportation business.
Arrive Logistics, a top 75 U.S. transportation brokerage, headquartered in Austin, Texas, announced today they have joined the Blockchain in Trucking Alliance (BiTA). Arrive Logistics is the fastest growing freight broker in the United States.
P.B. Industries (PBI) has joined the Blockchain in Trucking Alliance (BiTA), an Alliance to create a common framework in order to assist members and industry participants with their organization’s decision to develop and adopt blockchain technology.
DAT Solutions has joined the Blockchain in Trucking Alliance (BiTA). The Alliance is promoting blockchain technology and standards in the transportation industry. DAT operates North America’s largest digital freight marketplace.
There are some things that money can’t buy. For everything else, there’s Mastercard even for blockchain as reported by ZDNet. This opens up new opportunities for merchants and financial institutions alike to apply this technological trend to their own e-commerce-related foray into cloud-based solutions.
Dole, Driscoll’s, Golden State Foods, Kroger, McCormick and Company, McLane Company, Nestlé, Tyson Foods, Unilever and Walmart are teaming up with IBM Blockchain to identify vulnerabilities in the food supply chain in order to prevent the effects of tainted food before they occur.
eCapital, a leading supply chain financial services provider, announced today that it has been selected as the newest member of the Blockchain in Trucking Alliance (BiTA). BiTA was formed by experienced tech and transportation executives to create a forum for the development of blockchain standards and education for the freight industry. View member companies here.
Last Friday afternoon, Stifel Financial Corp.’s John Larkin hosted a conference call with Blockchain in Trucking Alliance (BiTA) Founder Craig Fuller, President Chris Burruss and 228 industry participants to discuss how BiTA will work as a forum to create standard protocols and procedures for supply chain participants as the industry shifts to blockchain over the next 3-5 years.
The recent run up in bitcoin price has not kept the critics at bay. One thing that most agree is that blockchain technology, the underlying technology of bitcoin, promises real-world applications and game-changing outcomes.
Penn State issued its 22nd annual 3PL study and the overriding theme was about the importance of data transparency in the supply-chain. Shippers are demanding more transparency in all of their vendors, but since logistics is the life-blood of a supply-chain, 3PLs must accelerate their investments and offerings for shippers.
Stifel sees stable, strong market fundamentals across transport. Click through for a recording of Stifel’s Friday afternoon BiTA conference call.
Stifel Capital Markets will be hosting a dial-in conference call on Friday, Oct. 27, at 11 a.m. ET. Entitled “The Blockchain in Trucking Revolution,” the call will feature Craig Fuller, CEO of TransRisk and co-founder of the Blockchain in Trucking Alliance, and Chris Burruss, president of the Blockchain in Trucking Alliance.
Fullbay, a cloud-based management platform for independent truck shops, has joined the Blockchain in Trucking Alliance (BiTA), formed by seasoned logistics and technology professionals who will work together on the first set of transportation and trucking blockchain standards.
Since 2014, Edge Logistics has searched for new, innovative and time-saving ways to create better efficiency and transparency with its carrier network and to continue that tradition, the company has joined the Blockchain in Trucking Alliance.
In the future, trailer pools may no longer be the domain of truck large truckload fleets. Could they disrupt the LTL market as well and might brokers and 3PLs be able to take advantage?
TMW Systems is working on blockchain-enabled products and gave a demonstration and update on how that work is progressing on Friday.
Blockchain offers a number of opportunities within freight management to improve cash flow. Pay per mile insurance coverage is one new concept, but that same philosophy can be applied to vehicle leases, perhaps changing the way fleets pay for their vehicles.
Ever since Bitcoin gatecrashed into the financial market scenes in late 2009, the technology underlying the virtual currency has had people talking. Blockchain, a ledger of records arranged in data blocks, uses cryptographic validation to link themselves together, resembling an unending chain, and it is disrupting the way FinTech market works.
The supply chain stands at the crossroads of innovation, with the impact of technology felt in different micro-niches. Here is a look at some of the technologies that are showing considerable potential and looking to change the facade of freight hauling forever.
Paper Transport, Inc. has been accepted as a member of the Blockchain in Transportation Alliance. Paper Transport, Inc. choose BiTA because of the alliance’s commitment to building a standard communication framework for the next generation of logistics providers.
While not new to the supply chain, technology is lowering barriers and offering new opportunities for 4PLs to move in and control entire supply chains, creating greater efficiency for all involved.
Bitcoin is super-hot and has fended off any real threat to its meteoric rise. We examine what has fueled this factor and how it impacts the viability of blockchain in the logistics sector.
Coyote Logistics, a UPS company and leading global third-party logistics service provider, announced today that it has joined the Blockchain in Trucking Alliance (BiTA).
For the uninitiated, systems built on cryptocurrency can be unfathomably complex, with confusion exacerbated by their constantly changing nature. Unfortunately, in the world’s modern business climate, understanding these intricacies is critical to nurturing a thriving business. There may be no aspect of technology that is more greatly tied to this truth than that of smart contracts.
All agricultural carriers must now be in compliance with the Sanitary Transportation of Human and Animal Food rule, commonly called the “Sanitary Transportation Rule.” If you are a smaller carrier, though, complying with that rule comes just before complying with another – the ELD mandate.
All agricultural carriers must now be in compliance with the Sanitary Transportation of Human and Animal Food rule, commonly called the “Sanitary Transportation Rule.” If you are a smaller carrier, though, complying with that rule comes just before complying with another – the ELD mandate.
Chris Burruss, formerly with the Truckload Carriers Association (TCA), is the Blockchain in Trucking Alliance (BiTA)’s first President. The Alliance was launched in September 2017 to develop blockchain standard and certifications for the freight industry, has 160+ applicants, and 85% of the truckload transactions can be represented in the space.
Much has been written about the death of freight brokerages and 3PLs. This is wrong. The 3PL industry is about to change- but it won’t meet its death. It will get bigger and more important as the next generation of digitization takes place.
With the introduction of smart insurance contracts in transportation applications, companies in the freight business could emulate a similar offering to solve some of the major disruption risks involved in carrier service failures.
Federal officials iterate their belief that a transparent and efficient government is achievable through blockchain technology
Globalization and digital transformations go hand in hand. As companies expand their global reach, they must also mature digitally. Making that digital transformation is becoming easier with blockchain.
In this informative and entertaining TED talk, Bettina Warburg takes the viewer through a discussion on why this technology will change the economy and society forever.
Fleet Complete Chief Strategy Officer Sandeep Kar will participate in two panels next week as part of the Connected Fleets USA 2017 Conference.
The new Defense Department budget includes funds set aside to study blockchain and the impact of the technology in the hands of either the good guys or bad. This could be a good thing for the US logistics industry, as some of the research will probably make into the private sector.
Anyone that has ever bought a house or vehicle knows how much of a pain it is and that is assuming you have a clean title. If not, all bets are off. With blockchain, the transfer of assets could be instant and without the risks normally involved in buying and selling.
Bitcoin has been on a wild-ride and some people think the future is zero. This will be a good thing for commercial blockchain applications.
TMW Systems sees enormous potential with blockchain technology, but notes that successful implementation requires a “strong partnership with a technology provider that understands its intricacies and potential applications.”
In recent years, players in the transportation industry have embraced technology and this has greatly helped in solving the many challenges associated with manual operations, and the future is even brighter in the years to come.
As blockchain transactions begin to take hold in the general economy and the supply chain in particular, there is a growing question of how to speed financial transactions. According to Coin Telegraph, the answer may be tokens.
Blockchain has taken center stage in 2017, and we are only at the beginning. But before everyone declares blockchain the solution to all the world’s problems, two authors note that there needs to be standards and governance to make it work.
There are certain practices in trucking that are not above board and cause a lot of strain on the companies in the space. Will the implementation of blockchain smart contracts, these practices could be ended, ushering in transparency and fairness for all involved.
In the future, blockchain infrastructure will help mitigate the effect and scope of cyberattacks through its two fundamental characteristics: decentralization and cryptography so events such as last week’s Equifax breach don’t happen.
Blockchain has become the latest buzzword to enter industry lexicon. While many still may not know what it is, it is likely to be a technology that transforms trucking and the way it operates. Fleet Complete is one of the companies that has recognized its potential.
Blockchain is the perfect way to store maintence records, providing fleets with a complete record on everything that has happened to the vehicle from the time that it rolled off the factory floor to the time it is sold off.
EDI powerhouse joins the Blockchain in Trucking Alliance (BITA), a standards organization focused on development blockchain standards in trucking among the major technology and transportation service providers.
FEMA disaster relief logistics highlights the need for blockchain implementation. Blockchain is an emerging technology that promises to bring transparency and visibility to transactions.
Blockchain is expected to be a massive part of the economy in the near future- but what exactly is blockchain and why should I care? FreightWaves takes a look at this emerging technology.
Blockchain is predicted to radically change the financial services sector. Deloitte Tweeted that 10% of global GDP will be stored in blockchain. For companies like Deloitte, staying ahead of the curve in blockchain technology is paramount. But what about for logistics companies?
It seems as though all new platforms these days feature two common denominators – create transparency and streamline processes. Many of them are now being developed with blockchain.
Singapore might be world’s smartest city. When you think of tech, you reflexively picture Silicon Valley. While Palo Alto may reign in the west, a tiny island nation of 5.6 million leads the east… and it’s turning to blockchain.
PS Logistics, LLC, a leading national transportation and logistics company, announced today that it joined the Blockchain in Trucking Alliance (BiTA) as a charter member.
IBM has announced 10 companies that will begin running trials of its blockchain-enabled technologies, including major food supplier Nestle SA, according to Reuters.
Fleet Complete is the latest company to join the Blockchain in Trucking Alliance (BiTA) as a service charter member. BiTA is a consortium for the adoption, education and development of a standard framework around blockchain in the trucking industry.
Talk about disruptive companies. Every startup in the transportation space these days is touting itself as a disruptive company. A few will become just that. Many, if not most, will not. But few are also introducing a technology, let alone a service, that is disruptive.
Blockchain entrepreneurs have an opportunity. The logistics industry is ripe for disruption and blockchain technology is ready to take the lead.
McLeod Software has joined the Blockchain in Trucking Alliance (BiTA), a new organization focused on the promotion and educational efforts to utilizing blockchain technology in the transportation ecosystem.
An industry that has a reputation of being behind the curve on technology may be at the forefront of one of the most important technological developments in decades. Yes, the trucking industry is poised to lead the blockchain way, and BiTA plans to help it get there.
The I-95 Corridor Coalition is moving forward with research that will help it determine whether a mileage use tax is the right approach to taxing in Pennsylvania and Delaware, according to NBC 10 Philadelphia.
Picture a 40-foot container traveling from Mainland China to a suburb of Los Angeles. It often experiences more complications between the Port of LA and final destination than it does during its international trip. Is blockchain the solution to these problems?
One of the great vulnerabilities in any nation is the food supply. The movement of food is dependent on many entities ensuring compliance with regulations, proper temperature control, proper handling and cleaning and more, including security. That is where blockchain technology holds great promise.
There is a new option that companies are flocking to quickly raise capital: an ICO – initial coin offering. But there are inherent risks in doing so, and they may be too great to overcome for transportation firms.
Blockchain is a technology that is rapidly growing in many industries, and its potential to disrupt traditional work flows in transportation is large. This graphic illustrates some of the potential areas where blockchain can be used to improve operations.
Unlike some technologies, blockchain technology is not likely to displace many workers in the trucking industry. It does promise, however, to streamline financial operations and compliance reporting to make those operations more seamless, potentially saving fleets tens of thousands of dollars.
Once a disparate group of entities, the modern supply chain is becoming more akin to a well-oiled machine thanks to technological advances. As it becomes more digitized, the business case for blockchain technology becomes more powerful.
“The potential here is phenomenal. The match between what blockchain offers and the industry pain points is incredible,” says Bridget McDermott, vice president of Blockchain Business Development for IBM. So what exactly is blockchain?
Blockchain is a relatively new term used to describe a series of distributed databases that act as a tamper-proof, verifiable ledger. As with any new technology, blockchain has its own terminology. Here is a listing of some of the most important terms and their meanings.
