The transportation segment of General Electric (GE) has become a part of Blockchain in Transport Alliance (BiTA). When it comes to modern and sustainable technology, GE is one of the frontrunners, boasting twelve business sectors which include power, digital, healthcare, aviation, renewable energy, global research and transportation.
On the 28th of February 2017, GE transportation released an official announcement via its website. BiTA offers a forum for the shipping industry so as to help them integrate blockchain technology by having all of them together.
“We recognize the significance of using data and analytics to generate outcomes for our clients. As a company, we’ve identified what it implies to be a Digital Industrial leader – employing these technologies first internally to drive productiveness and then applying those learnings for our clients’ benefit as well”, said Monica Caldas, the GE Transportation CEO.
BiTA was introduced in November 2017, with a popular quote from Deloitte, “10% of global GDP will be stored on blockchain by 2025”. It presently has more than 230 members like Schneider, SAP, Convoy, Salesforce, Marine Transport International, FedEx, Kleinschmidt, U.S. Express, TMC and more, as retail, logistics and transport tycoons gradually started joining the project.
Laurie Tolson, GE Transportation’s Chief Digital Officer, revealed the importance of the decision, “While GE Transportation expands its abilities into the broader supply chain, we’re linking partners and clients at every node and across multiple modes. We look forward to delivering our applications to BiTA as we all seek to make use of the potential of blockchain across the industries we serve.”
Whilst GE Global Research engineers were looking for techniques to develop a marketplace for producers and buyers of electricity generated by wind and solar farms, GE aviation was originally looking at means to utilize blockchain technology to enhance the aviation industry.
Craig Fuller, BiTA’s managing director congratulated the company for its initiatives, “GE Transportation is constantly on the cutting edge of technology developments and investments that determine the future of freight and supply chains. We are delighted they are aiding to lead the blockchain platform for the industry and will be a productive participator in BiTA .”