The transportation sector of General Electric (GE) is now a part of Blockchain in Transport Alliance (BiTA). GE is a leading organization within twelve business sector including power, aviation, digital, healthcare, renewable energy, transportation and global research. It is one of the leaders in the sense of innovation and sustainable development.
On Feb 28, 2017, GE transportation passed a public notice on its official website. BiTA handles its official forum which is maintained for the freight industry to help them out to merge blockchain technology by bringing them together on a single platform.
Monica Caldas, CEO of GE Transportation stated:
“We understand the importance of using data and analytics to drive outcomes for our customers. As a company, we’ve defined what it means to be a Digital Industrial leader – employing these technologies first internally to drive productivity and then applying those learnings for our customers’ benefit as well.”
Deloitte’s famous quote allegedly stated, “10% of global GDP will be stored on blockchain by 2025.” BiTA was established in the year Nov 2017, the company was specified as “a standard organization by the trucking industry for the trucking industry”. The business has expanded to Retail, logistics, and transport and gradually started joining the venture. Currently, the business has collaborated with more than 230 members including Schneider, SAP, Convoy, Salesforce, FedEx, Marine Transport International, Kleinschmidt, U.S. Express, TMC, etc.
Laurie Tolson Chief Digital Officer of GE Transportation, elaborated the significance of the decision, “As GE Transportation extends its capabilities into the broader supply chain, we’re connecting partners and customers at every node and across multiple modes. We look forward to bringing our applications to BiTA as we collectively seek to leverage the potential of blockchain across the industries we serve.”
Formerly, GE aviation was scrutinizing different ways to adopt blockchain technology to remodel the aviation industry, although GE Global Research engineers were searching different ways to produce a marketplace for manufacturers and consumers of electricity generator by wind and solar farms.
Craig Fuller, BiTA’s managing director appreciated the company for its accomplishments, “GE Transportation is always on the forefront of technology trends and investments that define the future of freight and supply chains. We are thrilled they are helping to lead the blockchain framework for the industry and will be an active participant in BiTA.”
Berkshire Hathaway’s BNSF Railway (BNSF) also associated with BiTA last month. Interestingly, its owner, Warren Buffett, has once recognized bitcoin as a bubble and has said: “they [cryptocurrencies] will come to a bad ending”.