Sometimes a buzzword gets so overhyped that it deserves some light-hearted mockery. That seems to be the case with “blockchain.” While it’s true that not every industry can benefit from a distributed-ledger technology, the trucking industry most certainly can. In fact, a new consortium called the Blockchain in Transport Alliance (BiTA) is working to apply blockchain to solve some of the most intransigent problems in trucking.
Trucking is a massive industry that affects virtually every American. Trucks move roughly 70 percent of the nation’s freight by weight, according to the American Trucking Association. The Association also found that in 2015, gross freight revenues from trucking were $726.4 billion, representing 81.5 percent of the nation’s freight bill.
Companies hailing from each piece of the trucking supply chain have joined BiTA, including: UPS, Salesforce, McCleod Software, DAT, Don Hummer Trucking and about 1,000 more applicants. [Full disclosure: Our company, Transfix, is also a member.].