Friday, February 3, 2023

Warren Buffet’s Major Railroad Subsidiary BNSF Joins Blockchain Alliance

Warren Buffet’s Major Railroad Subsidiary BNSF Joins Blockchain Alliance

Warren Buffet and Charlie Munger of Berkshire Hathaway may think bitcoin is a farce, but that’s not stopping the conglomerate’s major railroad subsidiary BNSF Railway Co from joining the blockchain boom. That’s because BNSF — the second largest railway in North America — has officially joined the “Blockchain in Transport Alliance.”

Also see: New ‘Coinbase Commerce’ Makes Digital Payments Simpler, Integrates With Shopify

Subscribe to the Bitsonline YouTube channel for great videos featuring industry insiders & experts

The Alliance’s Biggest Member Yet

Already boasting more than 200 members, the Blockchain in Transport Alliance (BiTA) is a collaborative initiative focused on marrying commercial transportation with distributed ledger innovations.

And now, with the arrival of BNSF Railway, whose parent company Burlington Northern Santa Fe LLC is completely owned by Warren Buffett’s Berkshire Hathaway, BiTA just received its most legitimizing backer to date. The BNSF’s rail infrastructure alone spans over 32,000 miles in the United States.

Per Reuters, BNSF will join the Alliance’s other members in experimenting with how to use blockchain — the house that Bitcoin built, as it were — to create new “standards in such areas as vehicle maintenance, quality control and fraud prevention.”

BNSF technology services vice president Muru Murugappan called the move an important step forward:

“It is important that the industry comes together to align around a set of standards.”

So Buffett and Munger may be opposed to investing in bitcoin directly. But, through BNSF, they now apparently have no problem owning companies enjoying blockchain plays of their own.

The Future of Transportation

With logistics and supply chain projects beginning to abound in the cryptoverse, BiTA has no shortage of options to choose from for research or experimentation. But whatever happens, the Alliance’s self-described vision is clear:

“The Blockchain in Transport Alliance is the first of its kind; a standards organization by the trucking industry FOR the trucking industry.

Members of BiTA come from every facet of the industry: tech vendors, OEMs, tier-1 suppliers, consultants,  banks, carriers, shippers, and brokers.

Members of BiTA know that blockchain is the way of the future, an industry changing technology that will revolutionize the way people do business. BiTA wants to usher in this change in a uniform way that will benefit the entire industry.”

With that said, BNSF Railway is like just the latest of many more to come. They might like that Buffett’s in — even if peripherally.

What’s your take? Are these kinds of self-organizing blockchain initiatives great for the cryptocurrency ecosystem in general? Sound off in the comments below. 

Images via HuffPo, Wikimedia

Bitsonline Email Newsletter