BNSF Railway Company recently became the first Class I rail to join the Blockchain in Transport Alliance (BiTA). BiTA includes more than 200 freight transport companies working to develop blockchain standards for the logistics industry and the supply chain as a whole.
BNSF along with the other members of BiTA will work to define what data goes into the freight transport blockchain, how that data is formatted, how the data is structured and in what cases blockchain would be used.
Blockchain functions as a distributed ledger, wherein all members of a particular blockchain have access to all the data within it. By housing information with each member, altering the information within a blockchain is difficult – requiring 51 percent of the blockchain’s participants to approve the change.
“Blockchain technology has the potential to change several aspects of the transport industry and it is important that the industry comes together to align around a set of standard. We are excited to help drive those standards forward as a member of BiTAs,” said Muru Murugappan, BNSF vice president of technology services and chief information officer.
“BNSF is one of the most important members of the North American transport network, providing the backbone of American commerce. Their embracement of technology standards for the future of the industry will have a profound impact on the future of customer supply chains,” said Craig Fuller, managing director, BiTA.
BiTA was formed by experienced tech and transport executives to create a forum for the development of blockchain standards and education for the freight industry. BiTA’s goal is to bring together leading companies in the freight technology industries that have a vested interest in the development of blockchain technology.
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