Canadian Pacific (CP) announced on 31 July that it is supporting Blockchain in Transport Alliance (BiTA) mission of producing blockchain standards.
CP commenced by informing that the standards would allow for interoperability between participants in the global supply chain. CP sustained by adding blockchain is an open, extensible platform capable of sharing shipping events, messages and documents. Such a relay of information is across all the actors and systems in the supply chain ecosystem.
CP Vice President Information Services and Chief Information Officer Mike Redeker said –
“We are excited to be on this journey. As part of BiTA, we look forward to creating opportunities and innovative solutions that benefit our customers and the broader supply chain. Joining the alliance is part of CP’s continued focus on developing and supporting technology throughout the supply chain.”
CP shared insight on the blockchain solution offered explaining that it uses cryptography to ensure that network participants see only the parts of the ledger. Such portions of the ledger must be relevant to them and ensure that transactions are secure. CP conveyed that with nearly 500 members from related industries, BiTA was focused on commercial outcomes around blockchain and other emerging technologies.
CP expressed that BiTA was committed to overcoming geographic, language and cultural barriers to enable seamless commerce. BiTA President Patrick Duffy commented that the alliance was encouraged to have CP’s expertise and support. He added that BiTA looked forward to navigating the exciting new digital frontier. Patrick emphasized that blockchain has the potential but requires the active role of transportation leaders like CP.
Graph Blockchain Inc. shared an update about securing a contract with the Ministry of Transportation in Seoul, Republic of South Korea. Graph conveyed that the contract is for approximately 55,000 Canadian Dollars (CAD). The project is pilot based to store traffic data on the blockchain as part of the Smart City initiative.
Canadian Pacific shared credentials that it is a major railway in Canada and the United States with direct links to major ports. CP informed that it provides North American customers an efficient rail service with access to key markets globally. CP conveyed that BiTA is an organization where members are primarily from the freight, transportation, logistics, and affiliated industries. Alliance members share the goals of driving emerging technologies.