Blockchain Might Lead To Faster Payments, Fewer Disputes In Trucking Industry

A digital ledger known as blockchain might speed up transactions and decrease disputes between shippers and carriers as it creates a step-by-step log of a shipment within the supply chain, but the technology likely won’t be widely used for at least three to five years.

Blockchain, which has been discussed since at least 2009, is a software allowing for information to be stored on a central ledger that’s distributed throughout a network and cannot be edited, said Craig Fuller, CEO of TransRisk, a financial company for the trucking industry. Fuller is also co-founder of the Blockchain in Trucking Alliance (BiTA), representing more than 200 companies in trucking and logistics and working to develop blockchain standards for the industry. The organization was formed nearly two months ago to bring together technology companies, startups and trucking and logistics companies.

In a conference call, The Blockchain in Trucking Revolution, hosted by Stifel, Fuller and Chris Burruss, president of BiTA, explained the technology and its impact on the trucking industry.   MORE

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