The Calgary-based company formerly known CP Rail has decided to join other international groups of companies to support the use of blockchain in the transport industry. Currently, Blockchain in Transport Alliance (BiTA) has 500 members around 25 countries. BiTA founded in August 2017 in Chattanooga, TN, USA is dedicated to aware people from freight, transportation, and logistics industries about the use of distributed ledger technology. Candian Pacific Railway has become the latest billion-dollar organization to join the community.
Board of Directors of BiTA include companies like FedEx, Delta, and Echo. CP Vice President of Information Services and Chief Information Officer Mike Redeker on joining BiTA said they are excited to be part of this community. He added that they are looking forward to creating opportunities and innovative solutions that benefit their customers and the broader supply chain. BiTA President Patrick Duffy acknowledged the CP Railway’s decision to join the community. He said it is essential for transportation leaders like CP Railway to participate in order to take technology further. He also mentioned how blockchain has the potential to smooth the transactions that occur between shippers and carriers.
How Blockchain technology helps transport industries?
Blockchain the underlying technology mainly used for cryptocurrencies is being adopted by many other industries to help their businesses. Transportation and Logistics industry have found this technology to smoothen their business. Being able to record each step in the shipment process in real-time using blockchain technology has reduced the paperwork massively. It also helps reducing processing times for goods at customs checkpoints. According to a study, a standard shipment of refrigerator requires it to pass through 30+ different organizations, requiring 200+ separate communications and any hiccup could cause the halt of shipment. With blockchain technology, all of these steps can be recorded securely in real-time.
