The Blockchain in Transport Alliance (BiTA) is pleased to announce that Cisco, whose technologies have been powering the Internet since 1984, has joined the Alliance. BiTA provides a platform for the development of blockchain standards, focused on transportation and logistics industry concerns.
Blockchain is a distributed ledger technology that provides consensus, provenance, finality and immutability of business transactions and digital assets. These characteristics enable participants in a blockchain ecosystem to benefit from increased trust, greater transparency and reduced friction.
“In order for blockchain technology to become mainstream, the industry needs to support the development of global blockchain standards and ecosystems,” said Anoop Nannra, Cisco’s head of blockchain initiatives. “Transportation and logistics industries are poised to develop blockchain best practices. We look forward to working within BiTA to help develop compelling blockchain uses with long-term sustainable business cases to move the industry forward. “
Craig Fuller, CEO of FreightWaves and Managing Director of BiTA, said: "Cisco has been a global leader for decades. We are proud to have Cisco as a BiTA member, and look forward to its contributions to the BiTA community.”
New and improved technology continues to rapidly bring changes to the transportation and logistics marketplaces. In May 2017, Deloitte predicted that 10 percent of global GDP would be built on top of blockchain applications. For logistics and transportation, the technology may have an even bigger impact, promising to revolutionize this critically important $8 trillion global industry.