A preeminent provider of logistics management solutions, TranzAct Technologies, recently announced that it had entered the Blockchain in Transport Alliance (BiTA). Members of BiTA involve SAP, HP, FedEx, and Google among numerous other global names. TranzAct will produce its extensive skills in data management to the Alliance to help improve blockchain-based solutions for the sector.
Blockchain technology facilitates the identification and following of transactions digitally and the distribution of this information beyond a distributed network of machines. For the transportation arena, blockchain creates the strength to track goods and transportation across the supply chain more efficiently. Blockchain permits transportation and logistics organizations to operate more seamlessly and crystal clear. It can also help to generate new revenue streams and benefit for customers by enabling a method of completing transactions, tracking shipments, and managing vehicles.
According to Patrick Duffy, BiTA President, Blockchain technology is modifying the supply chain by offering greater transparency, modernization, and efficiency. They are lucky to have member companies like TranzAct Technologies, which have exposure to blockchain applications. The company will be a crucial player in helping them advance blockchain standards in transportation.
The collaboration was a natural choice for TranzAct since the purpose of BiTA aligns closely with its own goals. As a business that processes over USD 5 billion in payments a year, TranzAct has continuously adapted its software to enhance visibility and access to data. TranzAct acknowledges that access to the right information is fundamental for developing the right business procedures and has built its inclinations with this thought in mind. Alongside, in line with the purpose of blockchain to combine and align many positions of data in a central location, TranzAct gives a full suite of transportation management devices that provide end-to-end perceptibility all under one roof – from looking for prices to tendering and following shipments to freight audit and payment with extended reporting opportunities.