HCL Technologies, the he technology company, today announced it has joined the Blockchain in Transportation Alliance (BiTA), an organization dedicated to determining best practices and standards for Blockchain in the transportation industry. BiTA’s members include Descartes, Daimler, FedEx, SAP and Uber Freight among dozens of other global brands. HCL will bring its deep expertise in digital technologies to the Alliance and help develop Blockchain-based solutions for the Industry.
Blockchain is a technology that enables identifying and tracking transactions digitally and sharing this information across a distributed network of computers. For the transportation industry, Blockchain allows the ability to more effectively track goods and freight across the supply chain. Blockchain will allow transportation and logistics companies to operate in a more seamless and transparent manner. It can also help to create new revenue streams and value for customers by enabling a system of completing transactions, tracking shipments, and managing fleets.
“Blockchain technology will transform the supply chain by introducing greater transparency, innovation, and efficiency,” said Chris Burruss, President of BiTA. “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.”
To further promote broad adoption of blockchain, HCL developed the CoTrust Blockchain Application Platform℠ that uses key enterprise blockchain engines, leveraging their base capabilities to enable rapid development and deployment of Blockchain applications. The CoTrust Blockchain Application Platform offers services with key features, such as a managed platform, end-to-end security, automated on-boarding, and structured APIs.
“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,” said Ajay Bahl, Executive Vice President and Head of Public Services and Manufacturing Business (North America) at HCL Technologies. “By helping to develop a common framework and standards through working with the industry participants, we will promote broad adoption of this disruptive digital technology for transportation and logistics.”