What is Blockchain?
In May 2017, Deloitte tweeted that 10 percent of global GDP would be built on top of blockchain applications. This ambitious prediction was made because of the transformative nature of the technology and the effect it will have on society. In logistics and transportation, it may have an even larger impact on this $8 trillion global industry.
What is blockchain? 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 a blockchain is a database, that definition doesn’t explain the true genius behind how a blockchain stores records of value and transactions.
A core belief at BiTA is that a market is only as strong as its educational foundation.
Industry-wide, enthusiastic participation is critical to generating the full potential that blockchain technology promises. BiTA is engaged in educating the industry in order to bring about this realization.
BiTA is focused on providing educational resources and open forums to those in the industry interested in leading the evolution of transportation and logistics through the efficiencies offered by blockchain technology.
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.