XYO Network, a geospatial, blockchain-powered location network, today announced it has joined the Blockchain in Transport Alliance (BiTA).
Founded in August 2017, BiTA has grown into the largest commercial blockchain alliance in the world, with 450 members, including Delta Cargo, FedEx, Google, Salesforce and UPS, that collectively generate over USD 1 trillion in revenue annually. BiTA is developing standards and education in blockchain technologies for the freight, transportation and logistics industries.
XYO helps add location reliability data and best practices to blockchain transportation standards. The XYO Network’s technology means smart contracts can access the real world by using its ecosystem to determine whether and an object is at a specific XY coordinate at a specific time.
“The advent of blockchain is rapidly bringing innovation to the commercial freight industry and XYO’s partnership with BiTA will help us identify insights, trends and real-world use cases for our location-based verification technology,” said Markus Levin, XYO’s co-founder.
A consortium of companies and organisations involved in freight, transportation and logistics, BiTA is developing industry benchmarks for blockchain, educating the market about blockchain, and advancing blockchain technology and its applications within the supply chain.
“The advent of blockchain is rapidly bringing innovation to the commercial freight industry and XYO’s partnership with BiTA will help us identify insights, trends and real-world use cases for our location-based verification technology.” – Markus Levin, XYO’s co-founder.
“We are delighted to welcome XYO to the BiTA community,” said Chris Burruss, president of BiTA. “Smart contracts that are executed and arbitrated using blockchain have the potential to lower risk and costs for both carriers and shippers. The XYO Network technology delivers authentic, verifiable and trusted coordinates and data needed to execute smart contracts and we look forward to engaging with them as we move forward.”
With interest in blockchain technology growing rapidly, there are an increasing number of transportation and logistics blockchain pilot projects worldwide. Within BiTA, members participate, discuss, create and adopt industry standards that will be the basis for developing blockchain applications.
This is being accomplished through workgroups staffed by members who work in various disciplines such as smart contracts, freight payments, freight forwarding, insurance, banking, asset management, transparency and numerous other ideas continuously under development.
The Alliance also provides educational opportunities through webinars and other means to keep the industry engaged and informed of blockchain use cases and technological changes.
XYO Network describes itself as “a vast, geospatial, blockchain-powered location network that provides accurate, certainty-driven location data on everything from cars to smartphones.”
Using tracking devices created and sent out into the world, as well as by updating existing IoT devices and mobile phones, the XYO Network said its ecosystem delivers “the authentic, verifiable and trusted coordinates and data needed to execute smart contracts, run smart cities, foster financial transactions, and power a legion of high-stakes, location-centric applications. XYO can deliver complex, multi-layered, 3D-level location data from anywhere on the planet.”