Blockchain in Logistics and Supply Chain
While supply chains are highly complex global environments within the transportation industry, blockchain can help mitigate many common issues that companies are currently facing. BiTA aims to create standards and educate logistics companies to unlock the full potential of blockchain within the industry. As a company that focuses on supply-chain transparency and connecting customers with their assets, SpotSee is familiar with the potential benefits blockchain technology could bring to the table.
“Blockchain technology is an integral part of the future for supply-chain management,” said Tony Fonk, CEO, SpotSee. “We look forward to helping shape the technology as it brings increased transparency, security and connectivity to logistics.”
Blockchain is a secure and transparent technology that does not require a central authority, but instead, relies on a consensus for authorization. Originally developed for cryptocurrency, blockchain has expanded into many different industries due to its secure and unalterable record-keeping. Using blockchain, the supply chain will see a decrease in asset handling issues and fraud while reliably tracking assets throughout their journey by creating a permanent and unalterable record as registered vendors and third parties handle assets.
SpotSee helps customers know the condition of assets as they travel throughout global supply chains, enabling smart contracts to immediately reject shipments (and payments) on assets that may have seen excessive damage.
“We are excited to welcome SpotSee aboard as a member of BiTA,” said Chris Burruss, president, BiTA. “We have an ambitious agenda to accomplish and need a diversity of experience in the membership to do so. SpotSee brings a strong background inIoT connectivity and telematics solutions that will be invaluable in developing blockchain standards in the supply chain.”
Established in 2017 by experienced tech and transportation executives, BiTA was created as a forum for the development and education of blockchain standards within the freight market. The company’s goal is to bring together leading companies in the industry that have a vested interest in the development and standardization of blockchain technology.