Canadian Pacific Railway joins Blockchain in Transport Alliance that supports BiTA’s mission of producing Blockchain standards in the global supply chain. The railway network announced its membership in a press release on July 31st.
Undoubtedly, Blockchain allows open sharing of shipping events, messages and documents across all actors in the supply chain ecosystem. The technology uses cryptography to make sure the network participants only see part of the ledger relevant to them. Additionally, Blockchain enhances transactions security in transactions.
Following the news,BiTA president, Patrick Duffy commented on the benefits of Blockchain in the transport industry. He said that the new technology has the potential to smoother transactions between shippers and carriers. He added that active participation by transportation leaders CP makes it possible.
According to reports, BiTA has approximately 500 members in the freight, logistics, transport and affiliated industries. All members share a common objective of facilitating the adoption of Blockchain in these sectors, establish industry standards and provide education on Blockchain solutions.
According to the report, Duffy commented on the issue of transportation currently requiring multiple tracking systems. He said that more systems mean more room for human error:
“When you order a pair of shoes and they’re manufactured in Vietnam, currently the information you put into the website where you order those shoes goes from a website into an ERP [a type of business management software] that’s transmitted to a manufacturer’s system … the possibilities of the number of people involved and the number of technology systems involved, it grows exponentially […] At each one of those steps there’s an opportunity for human-induced error.”
Moreover, Canadian pacific is a transportation company connecting Canada and the United States. Particularly, the network has direct links to major ports in the west and east coasts. CP provides North America with a competitive railway service accessing key markets across the globe.