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Auditing giant KPMG is collaborating with the Blockchain in Transport Alliance (BiTA) to develop blockchain standards for the transportation industry.
Founded in August of 2017, BiTA aims to establish blockchain standards for the freight industry. Members include FedEx, SAP, UPS, Salesforce, GE Transportation, and Schneider, among others.
Currently, the transportation industry faces a number of challenges including managing the complexity associated with supporting smart warehouses, expedited and competitive shipping practices, and the evolution of brick-and-mortar to online retail business models.
Blockchain technology is believed to help address these challenges. However, a common ground is needed across freight and technology organizations as they are becoming increasingly interconnected and interdependent globally.
Commenting on the partnership, Chris Burruss, BiTA President, said that KPMG’s global reach and perspective across advisory, audit and tax will help establish the industry standards that will determine blockchain's use in freight for years to come.
"Even with major advances in technology, transport logistics remain expensive and vulnerable. Blockchain has the potential to solve these issues and disrupt many of the systems that freight organizations have relied upon for decades, while creating greater transparency, speed, reliability and trust within organizations' core operations, including their supply chain,” KPMG's U.S. Blockchain Leader Arun Ghosh.
