Company joins BiTA’s mission in setting standards in blockchain use
FORT SMITH, Arkansas - ArcBest (Nasdaq: ARCB), a leading logistics company with creative problem solvers who deliver integrated solutions, is pleased to announce it has joined the Blockchain in Transport Alliance (BiTA).
BiTA is made up of more than 250 freight transportation companies and works to help develop and set standards for the use of blockchain technology within the logistics and transportation industry.
“At ArcBest, our customers are looking for logistics partners who can deliver a number of solutions along with trusted, expert advice and a great experience,” said Michael Newcity, senior vice president – Chief Innovation Officer of ArcBest and president of ArcBest Technologies. “We believe blockchain technology could benefit the transportation industry by revolutionizing the way people do business. We look forward to working with other industry leaders to ensure standards are established so that the full potential of this technology can be realized.”
A blockchain is a type of digital and decentralized ledger that is maintained across a network of computers and protected through encryption. According to BiTA, blockchain technology could be used to enhance transparency within the supply chain, maintain accurate records of asset maintenance and ownership history, and secure freight payments and smart contracts, among other ideas.
Founded in August 2017, BiTA is a consortium of the foremost leaders in the transportation industry forging a path toward industry standards in blockchain use. Companies within BiTA share a unified mission of developing a framework of industry standards, educating the logistics market on blockchain applications and encouraging use of technology applications through exemplary implementation.
ArcBest is also partnering with the University of Arkansas’ Sam M. Walton College of Business in supporting its blockchain research and education.