BNSF Railway Company (BNSF) has joined the Blockchain in Transport Alliance (BiTA), a group of more than 200 freight transportation companies that work to develop blockchain standards for the logistics industry and supply chain. BNSF is the first Class I railroad to join BiTA.
BNSF will work with the other members of BiTA to define what data goes into the freight transportation blockchain, how that data is formatted, how the data is structured and in what cases blockchain would be used.
"Blockchain technology has the potential to change several aspects of the transportation industry and it is important that the industry comes together to align around a set of standards," stated Muru Murugappan, BNSF vice president of technology services and chief information officer. “We are excited to help drive those standards forward as a member of BiTA."
"BNSF is one of the most important members of the North American transportation network, providing the backbone of American commerce,” said Craig Fuller, BiTA managing director. “Their embracement of technology standards for the future of the industry will have a profound impact on the future of customer supply chains."
All members of a particular blockchain have access to all the data within a blockchain ledger. Altering the information within a blockchain must be approved by 51 percent of the blockchain's participants.