The transportation sector of General Electric (GE) has become a member of Blockchain in Transport Alliance (BiTA). GE is one of the leaders in innovative and sustainable technology with twelve business sectors including power, aviation, digital, healthcare, renewable energy, transportation and global research.
GE transportation posted an official announcement on its website on Feb. 28, 2017. BiTA provides a forum for the freight industry to help them incorporate blockchain technology by bringing all of them under the same roof.
GE Transportation’s CEO, Monica Caldas, said, “We understand the importance of using data and analytics to drive outcomes for our customers. As a company, we’ve defined what it means to be a Digital Industrial leader – employing these technologies first internally to drive productivity and then applying those learnings for our customers’ benefit as well.”
With a famous quote from Deloitte, “10% of global GDP will be stored on blockchain by 2025”, BiTA was launched in Nov. 2017. It was described as “a standards organization by the trucking industry FOR the trucking industry”. Retail, logistics and transport giants slowly started joining the venture – it currently has more than 230 members including Schneider, SAP, Convoy, Salesforce, FedEx, Marine Transport International, Kleinschmidt, U.S. Express, TMC and others.
GE Transportation’s Chief Digital Officer, Laurie Tolson, explained the significance of the decision, “As GE Transportation extends its capabilities into the broader supply chain, we’re connecting partners and customers at every node and across multiple modes. We look forward to bringing our applications to BiTA as we collectively seek to leverage the potential of blockchain across the industries we serve.”
Previously, GE aviation was looking at ways to use blockchain technology to transform the aviation industry, while GE Global Research engineers were trying to find ways to create a marketplace for producers and consumers of electricity generated by wind and solar farms.
BiTA’s managing director, Craig Fuller, applauded the company for its efforts, “GE Transportation is always on the forefront of technology trends and investments that define the future of freight and supply chains. We are thrilled they are helping to lead the blockchain framework for the industry and will be an active participant in BiTA.”
Berkshire Hathaway’s BNSF Railway (BNSF) also joined BiTA last month. Interestingly, its owner, Warren Buffett, has famously called bitcoin a bubble and has said “they [cryptocurrencies] will come to a bad ending”.