Just weeks after opening an office in Singapore, the Blockchain in Transport Alliance (BiTA) has engaged with industry on the benefits and potential of blockchain technology. These discussions have led to NR Capital joining the Alliance.

NR Capital, an alternative trade finance partner, joins a fast growing, and successful global alliance of companies across the transport and supply chain aiming to improve trade processes through the application of blockchain technology.

Tom James CEO & CIO of NR Capital commented, “NR Capital as an innovative Alternative Trade Finance provider is committed to the Digitization of all elements of the Global Physical Commodity supply chain and as part of this initiative we are pleased to be part of such a strong global alliance like BiTA.”

BiTA members include some of the biggest names in the transport and logistics sector, including DHL, FedEx, Koch, SAP and JD.com.

The goal of BiTA is for members to participate, discuss, create, and adopt industry standards that would act as the bedrock for developing blockchain applications. This will be accomplished through workgroups staffed by members who work in various disciplines such as smart contracts, freight payments, freight forwarding, insurance, banking, asset management, transparency and numerous other ideas continuously under development.

Soeren Nielsen, managing director of BiTA in Asia, said: "NR Capital represents the future of trade finance and is a leader in adaption of new processes and technologies including blockchain and we are proud to have them as a member of BiTA. It is great to see NR Capital recognizing the value that BiTA brings to the supply chain.”