Blockchain and Transport: XYO Network Joins BiTA
XYO Network, the people-powered location network that’s bringing blockchain to the real world, today announced it has joined the Blockchain in Transport Alliance (BiTA). Founded in August 2017, BiTA has grown into the largest commercial blockchain alliance in the world, with 450 members, including Delta Cargo, FedEx, Google, Salesforce and UPS, that collectively generate over $1 trillion in revenue annually. BiTA is developing standards and education in blockchain technologies for the freight, transportation and logistics industries.
XYO helps add location reliability data and best practices to blockchain transportation standards. The XYO Network’s technology means smart contracts can access the real world by using its ecosystem to determine whether and an object is at a specific XY coordinate at a specific time.
“The advent of blockchain is rapidly bringing innovation to the commercial freight industry and XYO’s partnership with BiTA will help us identify insights, trends and real-world use cases for our location-based verification technology,” said Markus Levin, XYO’s Co-Founder.
A consortium of companies and organizations involved in freight, transportation and logistics, BiTA is developing industry benchmarks for blockchain, educating the market about blockchain, and advancing blockchain technology and its applications within the supply chain.
“We are delighted to welcome XYO to the BiTA community,” said Chris Burruss, president of BiTA. “Smart contracts that are executed and arbitrated using blockchain have the potential to lower risk and costs for both carriers and shippers. The XYO Network technology delivers authentic, verifiable and trusted coordinates and data needed to execute smart contracts and we look forward to engaging with them as we move forward.”
