HCL Joins BiTA to Deploy Blockchain Solutions for the Logistics Industry
Indian multinational IT services company Hindustan Computers Limited (HCL) has become the latest member of the Blockchain in Transportation Alliance (BiTA), a consortium dedicated to developing blockchain standards for the global freight industry. The consortium is dedicated to increasing efficiency and transparency in the supply chain through distributed ledger technology.
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HCL Becomes the Technology Partner of BiTA
In a statement, the President of BiTA Chris Burruss welcomed HCL’s inclusion in the alliance, asserting:
“Blockchain technology will transform the supply chain by introducing greater transparency, innovation, and efficiency. We are fortunate to have member companies like HCL Technologies, who have experience with blockchain applications. They will be a key player in helping us develop blockchain standards in transportation.”
HCL, the publicly listed IT solutions company, will join the alliance as a technology partner, offering its expertise to develop blockchain-powered solutions for the logistics industry. Last year, HCL developed a distributed ledger technology (DLT) platform, dubbed the CoTrust Platform, to smoothly yet rapidly facilitate the deployment of blockchain applications. With the integration of DLT, logistics companies can track shipments more efficiently across the supply chain, hence enabling more transparent operations.
In reference to HCL’s role in the alliance, Ajay Bahl, Executive Vice-President at HCL America Inc., stated:
“HCL’s partnership with BiTA and working alongside other global industry leaders in transportation, logistics, and supply chain, will allow us to engage in the development of standards for how blockchain technology will be used in such transportation activities as track and trace, provenance, smart contract management, compliance management, and fraud detection.”
Blockchain a Game Changer for Supply Chain Management
BiTA has attracted constituent members from among third-party logistics firms, financial institutions, and technology companies. The BiTA consortium’s member list includes major freight companies such as FedEx and Uber Freight, both working to integrate distributed ledger technology into routine operations.
Shipping giant FedEx is the founding member of BiTA and is developing what it hopes to become industry-wide DLT standards, which will be open and free to use in the entire industry. BiTA aims to draft some standards by the end of the year.
Blockchain technology could be a game changer for the supply chain and logistics industry. A supply chain is highly complex, which, under existing management systems, is heavily dependent on paperwork. Implementing distributed ledger technology can potentially transform the logistics industry, as it allows all participants on the supply chain: buyer, seller, and intermediates, to track and manage shipments.
How can blockchain technology transform the logistics industry? Share your views in the comments section below.
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