Company to collaborate with other freight industry leaders to develop blockchain standards and solutions
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. Its goal is to bring together leading companies in the freight technology industries that have a vested interest in the development of blockchain technology. In joining BiTA, Schneider will collaborate with several North American companies committed to the real-world execution of blockchain solutions in logistics and supply chains.
A blockchain-enabled event management network can power Schneider’s broad portfolio of services to securely share data and enable order visibility, transaction verification and payment automation. Schneider customer advantages could include:
- An increase in transparency of shipments
- A full auditability of activities
- Automated payments using smart contracts
- Real-time chain of custody auditing
At a high level, blockchain is a digital ledger technology capable of recording transactions and storing data in immutable blocks across a distributed network. Blockchain enables a digital supply chain and creates a peer-to-peer system of commerce that lends itself well to those with logistics and supply chain experience. While more than a few years away from becoming a mainstream technology, Gartner, a leading research and advisory company, quantifies the business value-add of blockchain at $176 billion by 2025 and then exceeding $3.1 trillion by 2030.
Schneider offers regional and long-haul truckload, expedited, dedicated, bulk, intermodal, final mile, LTL, brokerage, warehousing, supply chain management and port logistics.