Prologis has joined the Blockchain in Transport Alliance (BiTA), one of the world’s leading consortiums of technology and transportation firms whose aim is to create blockchain standards for the freight industry.
Prologis is the first real estate company to be named to BiTA’s membership roster.
Blockchain technology makes it possible for companies to identify and track transactions digitally and share that information across a distributed network of computers. For logistics and transportation, it is predicted to be a critical technology in the growth of the industry, as blockchain allows participants to more effectively track goods and freight across the supply chain. It can also help to create new revenue streams and value for customers by enabling a system of completing transactions, tracking shipments and managing fleets.
“With 2 percent of the world’s gross domestic product flowing through our distribution centers, Prologis has a unique view into global supply chains,” said Prologis chief technology officer Sineesh Keshav. “We look forward to contributing our expertise and working with BiTA’s members to develop the universal standards needed to leverage blockchain for transportation and logistics.”
Prologis joins IBM, Daimler, FedEx, SAP, Panalpina and dozens of other global brands on BiTA’s roster. It will work with these companies to build open-source and royalty-free data standards for blockchain in the transportation and logistics industry.