Blockchain in Transport Alliance (BiTA) is pleased to announce that Cisco, whose technologies have powered the Internet since 1984, has become part of the Alliance. BiTA provides a platform for the development of blockchain standards, focusing on the concerns of the transport and logistics sectors.
Blockchain is a distributed accounting technology that provides consent, provenance, purpose and immutability of commercial transactions and digital assets. These features enable participants in a blockchain ecosystem to benefit from increased confidence, greater transparency and reduced friction.
"In order for blockchain technology to become mainstream, industry must support the development of global blockchain standards and ecosystems," said Anoop Nannra, the head of Cisco's blockchain initiatives. "The transport and logistics sectors are ready to develop blockchain best practices, and we are looking forward to working at BiTA to help develop convincing blockchain uses with sustainable long-term business cases to advance the industry. "
Craig Fuller, CEO of FreightWaves and Managing Director of BiTA, said:" Cisco has been a global leader for decades, we are proud to have Cisco as a member of BiTA and we look forward to contributing to BiTA community. "
The new and improved technology continues to rapidly bring changes in the transport and logistics markets. In May 2017, Deloitte predicted that 10% of global GDP would be built on blockchain applications. For logistics and transport, the technology could have an even greater impact, promising to revolutionize this major $ 8 trillion global industry