As published in Freightwaves
To further the development of blockchain standards for supply chain management, TranzAct has entered this growing Alliance
TranzAct Technologies, a leading provider of logistics management solutions, announced that it’s joined the Blockchain in Transport Alliance (BiTA). Members of BiTA include SAP, FedEx, HP and Google among dozens of other global brands. TranzAct will bring its extensive expertise in data management to the Alliance to help develop blockchain-based solutions for the industry.
Blockchain technology enables the identification and tracking of transactions digitally and the sharing of this information across a distributed network of computers. For the transportation industry, it creates the ability to more effectively track goods and freight across the supply chain. Blockchain allows transportation and logistics companies to operate in a more seamless and transparent manner. It can also help to create new revenue streams and value for customers by enabling a system of completing transactions, tracking shipments and managing fleets.
“Blockchain technology is transforming the supply chain by introducing greater transparency, innovation and efficiency,” said Patrick Duffy, BiTA President. “We are fortunate to have member companies like TranzAct Technologies, which have experience with blockchain applications. The company will be a key player in helping us develop blockchain standards in transportation.”
The partnership was an easy choice for TranzAct, since the mission of BiTA aligns tightly with its own goals. As a company that processes over $5 billion in payments a year, TranzAct has continually adapted its software to increase visibility and access to data. TranzAct recognizes that access to the right data is essential for developing the right business strategies and has built its capabilities with this thought in mind. Additionally, in line with the goal of blockchain to combine and align many points of data in a central location, TranzAct offers a full suite of transportation management tools that provide end-to-end visibility all under one roof – from shopping for rates to tendering and tracking shipments to freight audit and payment with extensive reporting options.
“TranzAct is very excited to partner with BiTA and work alongside other global industry leaders in transportation, logistics and supply chain since we see the need for innovation in this space. Entering this partnership will help us to further engage with the development of blockchain standards,” said Jean Regan, President and CEO at TranzAct Technologies. “We’re eager to see how this can help our customers gain even greater visibility and improve their relationships with carriers.”
About the Blockchain in Transport Alliance
Founded in August 2017, BiTA has quickly grown into the largest commercial blockchain alliance in the world, with nearly 500 members that collectively generate over $1 trillion in revenue annually. BiTA members are primarily from the freight, transportation, logistics and affiliated industries. Alliance members share a common mission to develop a standards framework, educate the market on blockchain applications and encourage the use of those applications. For more information, please visit www.bita.studio/.
About TranzAct Technologies
TranzAct Technologies is a global logistics company that helps shippers manage their operations with end-to-end supply chain technology and services. Their core services are freight audit and payment, TL and LTL shipping management, Constellation TMS software, truckload brokerage, and parcel analysis.
TranzAct has a headquarters in Elmhurst, Illinois and several other offices in the U.S. and abroad. Customers include shippers in several different industries such as packaging, pharmaceuticals, and food, with company sizes ranging from startups to Fortune 100 companies. Additionally, TranzAct is a privately held company that is certified as a women-owned business by the Women’s Business Enterprise National Council (WBENC).