GE Transportation Joins Blockchain In Transport Alliance

Updated On Mar 13, 2018 by Cameron Bishop

GE Transportation (NYSE: GE), a global technology leader and supplier of equipment, services and digital solutions to the rail, mining, marine, stationary power and drilling industries, announced that it has joined the Blockchain in Transport Alliance (BiTA).

BiTA is the transportation and logistics industry’s leading trade association for blockchain education and standards development.

Since BiTA was founded in the fall of 2017, more than 230 companies including truckload carriers, third-party logistics, tech firms, major retailers, class 1 railroads, OEMs, parcel carriers, financial service providers and data analytics companies have joined the alliance, with a collective revenue exceeding $1 trillion.

The figure is expected to increase substantially in the years to come, mainly due to the exponential growth seen in e-commerce, both in the US and worldwide. However, the cargo industry is ill-equipped to handle the growth. According to an FBI report, the cargo theft in 2010 was valued at $30 billion.

An increasing number of companies would require a tamper proof supply chain system. This is where block chain technology can assist cargo carriers. Since data cannot be altered or erased in a block chain network, fraud and inefficiency will reduce considerably. The employees at each stage of transit will act more responsibly. Further, it will decrease the number of intermediates required to handle the cargo. Thus, package delivery delays can be averted.

On December 20,2017, we had reported that UPS announced its participation in a forum named Block chain in Transport Alliance (BITA), which is planning to develop a custom block chain technology for the freight industry. Further, the forum will also educate its members about the block chain and its applications in logistics and transport industry.

In early February, BNSF Railway Co, a division of Buffett owned conglomerate Berkshire Hathaway Inc (BRKa.N), become the first major US railroad company to join BTA (Block chain in Transport Alliance).

About GE Transportation

Established more than a century ago, GE Transportation is a division of the General Electric Company that began as a pioneer in passenger and freight locomotives. GE Transportation is headquartered in Chicago, IL, and employs approximately 9,000 employees worldwide.GE Transportation’s Digital Solutions provide data-driven insights to improve efficiency and bring visibility into and across intermodal supply chains.

The RailConnect product suite, for example, is the backbone operational system for American Shortline railroads, automating and managing day-to-day operations, providing visibility to railroad assets and helping to ensure revenue protection for each traffic cycle. The recently launched Port Optimizer, a cloud-based software solution developed with the Port of Los Angeles, is designed to enhance supply chain performance and predictability by integrating data from across the port ecosystem to enable better planning across those stakeholders. GE Transportation’s Digital Solutions also provide freight visibility, inventory management and settlement capabilities directly to bulk shippers.

Monica Caldas, Chief Information Officer for GE Transportation

“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.”

Laurie Tolson, Chief Digital Officer for GE Transportation, said

“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.”

Craig Fuller, Managing Director of BiTA, said

“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.”

Cameron works tirelessly behind the scenes ensuring his many US news stories are factual, informative and brought to you in a timely fashion before most other media outlets have them. He is an investigative journalist at heart who also has a fond interest in the money and business markets too.

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