There was never any doubt that Blockchain would revolutionize the world in tremendous proportions. The latest to embrace this exciting technology is none other than Canada’s transcontinental railway, Canadian Pacific.
CP is now part of the Blockchain in Transport Alliance (BiTA), a member-driven organization comprising of companies in the freight, transportation and logistics businesses. This was announced by Canadian Pacific on July 31.
The historic Canadian Class I railroad operator is looking to leverage the Blockchain in enhancing efficiency while supporting improvements in the supply chain based on this technology. This, according to BiTA, would greatly help boost the worldwide supply chain interoperability that the organization is fighting for.
The body’s president, Patrick Duffy, is convinced that Blockchain finally has the potential to streamline the operations happening between shippers and carriers. To him though, the realization of its full benefits hinges upon the active participation of every stakeholder in the transportation industry, including CP.
What BiTA Is All About
BiTA is growing quickly and it already has about 500 members, all drawn from freight, transportation, and logistics as well as a host of affiliated industries.
All of them reportedly share an ambition of facilitating successful adoption of Blockchain, besides working to formulate industry standards. They additionally strive to educate others on the principles of Blockchain and the entire distributed ledger technology.
Duffy, according to the Canadian Broadcast Corporation, spoke on the need for the current transportation industry to have one central tracking system. The president of BiTA is reported to have called for the abandonment of the current multiple tracking systems, saying they are largely responsible for errors and accidents bedeviling the industry.
Using an example of a pair of shoes made in Vietnam and ordered online, Duffy explained how the use of different ERP systems in the item’s various stages induces errors. The “human-induced error” encountered right from the product’s dispatch all the way to its eventual point is because of the different software used by different persons handling the commodity.
The Potential Blockchain has in Transportation and Logistics
As evidenced by the recently concluded piloting of a container shipment from Seoul to Rotterdam, the potential that Blockchain has in smoothening out the transport business is huge. The project, carried out by Samsung SDS in collaboration with Dutch bank ABN AMRO and the Port of Rotterdam, was a success.
DELIVER, the platform that managed the whole pilot process, undoubtedly showed that Blockchain has all it takes to successfully transform tracking of shipment. And this, by extent, is the potential that this technology has in transportation in general.
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