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            october 19, 2019

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Panalpina joins blockchain alliance to speed freight flow


Freight forwarder Panalpina has joined the Blockchain in Transport Alliance (BiTA), a forum of leading tech and transportation companies for the development and implementation of blockchain standards.
BiTA members aim to educate the market on blockchain applications and encourage their use through implementation. Blockchain creates a digital record of every transaction made in a decentralised and secure way using cryptography.
BiTA standards will address how the technology will impact contracts, freight payments, asset maintenance and ownership history and chain of custody of freight.
Other benefits of using blockchain technology range from better scalability of operations to optimised capacity monitoring and pricing, fewer errors in payment processing and auditing, improved compliance, easier identification of attempted fraud, theft prevention, ease of building trust and gaining real-time feedback from customers.
Panalpina said that blockchain use in freight forwarding and logistics is still in the early adoption phase, but it is already being approached by vendors, partners and customers about it, reported London's Air Cargo News.
Said Panalpina chief information officer Ralf Morawietz: "It is likely that many blockchain clusters will emerge around ports and customs authorities, carrier groupings, as well as third-party logistics providers and regional logistics networks."

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