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Sumitomo Corporation of Americas (SCOA), the largest subsidiary of Sumitomo Corporation – one of the world's leading traders of goods and services, has joined the Blockchain in Transport Alliance (BiTA) as part of its efforts to utilize blockchain technology for providing a new level of service within its logistics business.
Founded in August of 2017, BiTA aims to establish blockchain standards for the freight industry. Members include Daimler, Google, FedEx, SAP, UPS, Salesforce, GE Transportation, and Schneider, among others.
Blockchain technology can bring a number of benefits to the transportation industry. This includes enhancing transparency by allowing relevant parties to effectively track goods and freight across the supply chain. The technology will allow transportation and logistics companies to operate more seamlessly and transparently and help create new revenue streams and value for customers by enabling a system of completing transactions, tracking shipments, and managing fleets.
By studying the power of Blockchain technology SCOA intends to identify new opportunities for growth and the potential to evolve into new business models.
"We believe there are infinite possibilities for using Blockchain technologies," said Ocean Takayama, Senior Vice President, General Manager, SCOA Logistics Group. "Our team envisions a blueprint that will accelerate the creation of a digital, secure, transparent and innovative logistics environment; leveraged with Blockchain's potential supply chain management changing technology."
