Lync America has joined other transportation industry visionaries by collaborating with the Blockchain in Transport Alliance (BiTA), an alliance formed to ensure standardization of blockchain technology in logistics and throughout the supply chain. Lync America, founded in 2014, has become one of the fastest growing third-party logistics providers in the country, with more than 1,400% revenue growth over three years.
BiTA was formed to create a forum for the development of blockchain standards and education for the freight industry, with a goal to bring together leading companies in the freight and technology industries that have a stake in the development of blockchain technology.
Lync America recognizes the significance of blockchain technology and the potential for blockchain to not only be disruptive in the logistics industry, but also the potential for blockchain to transform and improve the processes currently used throughout the industry to contract, arrange, and track freight movements.
“We are very excited to join this alliance and contribute to the success of BiTA. We believe that blockchain technology will have a transformative effect on the logistics industry in the coming years and we are proud to join hundreds of other forward-thinking BiTA members to help shape the future of our industry,” said Brent Goldberg, chief financial officer of Lync America.
A blockchain is a decentralized, digital, public ledger of transactions. Originally developed as the accounting method for virtual currency Bitcoin, a blockchain underlies a distributed ledger that has a wide variety of commercial applications.
Lync America joins over 1,000 companies that have applied for membership with BiTA. The alliance’s first blockchain standards in freight will be developed and published in 2018; addressing smart contracts, freight payment, asset maintenance, transparency, chain of freight custody, and more.