Tachyon, maker of the revolutionary, machine learning-based logistics platform, announced that it is joining the Blockchain in Transport Alliance (BiTA). As part of BiTA, Tachyon will participate in devising standards and best practices for the use of blockchain technology in the transportation industry. With this move, Tachyon is joining other industry leaders, such as Descartes, Daimler, FedEx and Uber Freight in support of blockchain-based solutions for the industry.
“We feel there is a natural fit between our mission and blockchain,” said Abdulrahman Ijaabo, Tachyon’s Chief Operations Officer. “Blockchain is a key driver of our product’s functionality, so being part of BiTA will help us deliver even more effective and secure solutions to our customers,” he added.
“On behalf of the members of BiTA, I am very pleased to welcome Tachyon to the Alliance, stated Patrick Duffy, president of BiTA. “I am certain that Tachyon will contribute to the work of BiTA and help us bring blockchain to the transportation and logistics sectors.”
Tachyon, which is headquartered in Riyadh, Saudi Arabia, targets clients in the Middle East/North Africa region.
Tachyon leverages machine learning algorithms to find the right carriers, assign suitable trucks, perform route planning and provide competitive pricing. The toolset enables users to keep track of the most commonly requested trucks, destination and goods. Blockchain gives Tachyon the ability to cut costs and save time through the solution’s automated shipment cycle. Tachyon’s uses of blockchain include a trip closure process, events authentication, enabling of smart contracts and automated, secure payment processing.
The Tachyon platform provides a seamless user experience, one that enables the users to monitor their shipments’ entire lifecycles using a single platform interface. A shipper can start by using Tachyon to book a trip. From there, Tachyon’s machine learning algorithms assess the freight specs and assign the shipment to the most appropriate transporter, down to the level of the specific truck. As the shipment gets under way, the shipper receives regular, real-time status updates. Tachyon also electronically generates and handles the documentation for the shipment. The shipper enjoys transparency over the full shipment lifecycle. This includes receiving proof of delivery, invoices and payments.
Blockchain uses its secure, unchangeable ledger structure to enable transportation companies to more effectively track goods and freight across the supply chain. This is possible due to a blockchain providing unique identification and tracking of transactions – along with the ability to share the information securely across a distributed network. With blockchain, transportation and logistics companies can operate in a more seamless and transparent manner. With each blockchain ledger entry secured by a unique cryptographic formula, users can be confident that their shipment information will be secure and free from fraud or tampering. The technology can thus fuel the creation of more profitable operations.
BiTA was founded in 2017 by technology and transportation executives who envisioned creating a forum for the development of freight industry blockchain standards and education programs. The organization unites freight industry leaders who share a vested interest in the development of blockchain technology. BiTA is renowned for its successful engagement with the industry.