B2B Payments

Blockchain Alliances Form Partnership In Shipping, Transport

Two blockchain alliances have formed an alliance of their own to promote the use of blockchain in the global logistics and transport industry.

An announcement Tuesday (Feb. 6) stated that the Wall Street Blockchain Alliance (WSBA) and the Blockchain in Transport Alliance (BiTA) are collaborating to develop solutions in supply chain financing and risk management. The alliances also plan to create supply chain conferences and educational tools for the industry, with their first conference held for June of this year.

The groups aim to explore the use of blockchain and smart contracts in supply chain finance and transport, they said.

“In the freight and transport space, blockchain technology offers the ability to create extraordinary efficiencies and help to foster mutually rewarding relationships for all industry participants,” said BiTA Managing Director and CEO of FreightWaves Craig Fuller in a statement. “Partnering with WSBA affords us the opportunity to bring together our combined, highly influential and forward-thinking memberships to impact widespread adoption across both industries, in the United States and globally.”

“The WSBA is very pleased to be collaborating with the BiTA to guide the evolution of the global transport markets in a future with blockchain technology,” added WSBA chairman Ron Quaranta. “Each organization shares a unique vision of educating our relative marketplaces on blockchain technology, as well as guiding and promoting its forthcoming adoption. We are very excited about the possibilities our joint efforts will yield.”

Last October, BiTA announced expansion with the addition of eCapital to its membership, which provides financing services to members of the shipping and logistics market.

“It’s clear there is a convergence of innovative and potentially disruptive technologies based on the digitalization of transportation and logistics processes — which includes invoice financing and settlement services. We see innovations like blockchain as a potential positive disruptor to the established interplay among the participants within the supply chain, which includes shippers, carriers, 3PLs and the financial intermediaries that allow the industry to function,” eCapital Chairman Richard Piontek stated at the time. “Forward-thinking financial services providers like eCapital are pleased to be a part of the BiTA alliance, where we intend to help redefine how carriers are paid and payments are managed.”


Latest Insights:

Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation that’s reshaping the payments and commerce ecosystem. In the November 2019 AML/KYC Report, Zillow’s Justin Farris tells PYMNTS how the platform incorporates stringent authentication without making the onboarding and buying experiences too complex.