South Korea’s Lotte Global Logistics, a major Seoul-headquartered logistics and shipping firm, has joined the Blockchain in Transport Alliance (BiTA), FreightWaves reported Monday, July 9.
The BiTA trade association was formed in 2017 to popularize and develop blockchain applications in the transport and logistics industries, as well as to establish industry standards for adoption of the technology.
The alliance uses OriginTrail, a purpose-built protocol for supply chains based on blockchain, and counts around 400 participants as members.
Lotte Global, for its part, is a full-service logistics provider, overseeing warehouse management, intermodal import/export terminals and customs clearance, parcel delivery, and moving freight by air, rail, and truckload.
FreightWaves notes that in advance of its interest in blockchain technology, Lotte Global has already been offering a smartphone application for its services, as well as conducting research into drone-operated delivery services.
Blockchain is the technology behind cryptocurrency, the elusive realm that powers the cryptocurrency markets. Whilst the blockchain was built for the purpose of replacing banks and the ‘middleman’ in financial transactions, the technology powering the blockchain has incredible implications elsewhere.
Corcentric, a provider of procurement and financial process automation solutions, has announced that it has joined Blockchain in Transport Alliance (BiTA), an organization that promotes the development and adoption of blockchain applications in the trucking, transportation and logistics industries.
According to a press release, August 25, researchers from the University of Waterloo have developed an open system based on blockchain to mitigate trust issues in electric charging stations trades. The platform allows users to check whether they have been overcharged by means of a distributed ledger technology.
