Warren Buffett: Joins Blockchain in Transport Alliance (Bita)
Warren Buffett: Joins Blockchain in Transport Alliance (Bita).
While the blockchain is the technology behind bitcoin, Warren Buffett, who for centuries invested in high-tech markets until finally attracted by IBM, has no plan of approaching cryptocurrencies.
BNSF Berkshire Hathaway, a US and Canadian railway based in Ft. Worth, Texas, is the new member of the Blockchain in the Transport Alliance (BiTA), which includes more than 200 cargo and logistics games that can be used by integrating distributed register technology into their industry.
During this time, blockchain technology continues to develop in different sectors of the economy, including transportation. BNSF is innovating on the market to join BiTA, which has more than 200 members extending to trucking companies and FedEx in addition to Schneider National.
FedEx, for example, currently has an ongoing blockchain with a focus on customer service, more on conflict resolution. The blockchain offers greater transparency for the “million records”. The integration of the blockchain in logistics with reducing the number of conflicts, speeding up the process and strengthening security, suggest analysts.
With respect to rail transportation, general ledger technology also provides, given the industry’s reliance on logistics to move along the supply chain. Muru Muruappappan, vice president of technology services at BNSF and head of information, said:
“Blockchain technology has the potential to change many aspects of the industry and is important for the industry to align with the set of standards. We are pleased to contribute to the advancement of these standards as a member of BiTA. “
BiTA, meanwhile, is looking for “development of blockchain standards for the logistics and supply chain industry”.
Incidentally, a tragic accident between an Amtrak train and a CSX in South Carolina was the result of a misplaced switching position.
This latest accident is the fourth incident since December, according to NPR. It is unclear whether blockchain could prevent the accidents, but the failure of modern technology adoption.
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