U.S. Markets close in 3 hrs 5 mins

Canadian Pacific Railway Joins Blockchain In Transport Alliance

FreightWaves

Canadian Pacific Railway (NYSE: CP) has joined the Blockchain in Transport Alliance (BiTA). In joining the Alliance, CP is supporting BiTA's mission of producing blockchain  standards that allow for interoperability between participants in the global supply chain.

Blockchain is an open, extensible platform capable of sharing shipping events, messages and documents across all the actors and systems in the supply chain ecosystem. It uses cryptography to ensure that network participants see only the parts of the ledger that are relevant to them, and that transactions are secure, authenticated and verifiable. 

"We are excited to be on this journey," said CP Vice President of Information Services and Chief Information Officer Mike Redeker. "As part of BiTA, we look forward to creating opportunities and innovative solutions that benefit our customers and the broader supply chain."

With nearly 500 members from freight, transportation, logistics and affiliated industries, BiTA is focused on education, advocacy, networking and commercial outcomes around blockchain and other emerging technologies. It is committed to overcoming geographic, language and cultural hurdles to enable seamless commerce.

"The Alliance is pleased to have CP's expertise and support as our organization navigates this exciting new digital frontier," said BiTA President Patrick Duffy. "Blockchain has the potential to smooth the transactions that occur between shippers and carriers, but it requires the active participation of transportation leaders like Canadian Pacific Railway." 

(Photo credIt: Canadian Pacific Railway)

About Canadian Pacific Railway

Canadian Pacific is a transcontinental railway in Canada and the United States with direct links to major ports on the west and east coasts. CP provides North American customers a competitive rail service with access to key markets in every corner of the globe. CP is growing with its customers, offering a suite of freight transportation services, logistics solutions and supply chain expertise.

About BiTA

BiTA is a member-driven organization; members are primarily from the freight, transportation, logistics and affiliated industries. Alliance members share a common mission of driving the adoption of emerging technology. BiTA accomplishes this by developing industry standards; educating members and others on blockchain applications/solutions and distributed ledger technology (DLT); and encouraging the use and adoption of new solutions.

Image sourced from Pixabay

See more from Benzinga

© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.