Company to collaborate with other freight industry leaders to develop blockchain standards and solutions
Schneider (NYSE: SNDR), a provider of transportation and logistics services, is now a member of the Blockchain in Transport Alliance (BITA).
BiTA was formed by experienced tech and transportation executives to create a forum for the development of blockchain standards and education for the freight industry. Its goal is to bring together leading companies in the freight technology industries that have a vested interest in the development of blockchain technology. In joining BiTA, Schneider will collaborate with several North American companies committed to the real-world execution of blockchain solutions in logistics and supply chains.
A blockchain-enabled event management network can power Schneider’s broad portfolio of services to securely share data and enable order visibility, transaction verification and payment automation. Schneider customer advantages could include:
- An increase in transparency of shipments
- A full auditability of activities
- Automated payments using smart contracts
- Real-time chain of custody auditing
“There’s significant potential for blockchain technology across the transportation and logistics service ecosystem with the ability to streamline transfer of data and time across all participants in the complex supply chain process,” said Shaleen Devgun, CIO and executive vice president at Schneider. “The ability to use
Blockchain technology to communicate with customers, suppliers, carriers, financial institutions and consumers can foster breakthrough efficiency in the supply chain process.”
At a high level, blockchain is a digital ledger technology capable of recording transactions and storing data in immutable blocks across a distributed network. Blockchain enables a digital supply chain and creates a peer-to-peer system of commerce that lends itself well to those with logistics and supply chain experience. While more than a few years away from becoming a mainstream technology, Gartner, a leading research and advisory company, quantifies the business value-add of blockchain at $176 billion by 2025 and then exceeding $3.1 trillion by 2030.
Schneider offers regional and long-haul truckload, expedited, dedicated, bulk, intermodal, final mile, LTL, brokerage, warehousing, supply chain management and port logistics.
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