The Blockchain in Transport Alliance (BiTA) announced on Tuesday it was teaming up with the Wall Street Blockchain Alliance (WSBA) to get its support with financial issues in supply chain management.
BiTA is an association of about 200 companies aiming to standardize the distributed ledger technology (DLT) in the freight industry. As for WSBA, it is a non-profit trade body bringing together companies and professionals operating in the financial market. Its mission is to guide and promote blockchain adoption in the financial industry.
As part of the collaboration, WSBA and BiTA will organize conferences and educational events related to risk and supply chain management with blockchain technology. The partners have scheduled a conference for June, planning to discuss DLT use cases, smart contracts, and blockchain applications in the transport and financial markets.
BiTA managing director Craig Fuller, who is also CEO of FreightWaves, said the partnership would rely on highly influential members to support blockchain implementation across both industries.
“Supply chain is about the movement of product through a system, and we knew that getting banks and financial institutions involved was important for establishing standards to apply blockchain to international cross-border letters of credit, as well as other financial aspects of the freight industry, such as accounts receivable, capital leasing, and financing businesses,” Fuller reportedly said.
BiTA is also thinking about partnerships with groups that operate in other markets, such as insurance, law or telecommunications.
“Where blockchain is successful is where you have alliances across networks, across frameworks, across markets. We're never going to be experts at finance, so we're looking for cross-industry collaboration,” Fuller said.
As of today, about 1,200 companies have expressed their intentions or applied to become part of BiTA.