TMW Systems has become a charter member of the Blockchain in Trucking Alliance, a group dedicated to setting standards for blockchain applications developed for the transportation industry.
Blockchain is a distributed ledger technology designed for transactional applications such as the movement of freight. The technology is already in use in industries such as stock trading, banking, insurance, and real-estate – all industries with complex, high-volume transactions.
“TMW Systems is a leader and innovator in transportation management software and their software is core to a significant portion of the for-hire capacity in the industry,” said Craig Fuller, CEO of TransRisk and co-founder of BiTA. “They will play a key role in helping us to set standards for blockchain applications and smart contracts.”
Blockchain simplifies the management of transactional data by storing contracts and related information within transparent, auditable, secure “blocks” that are shared with multiple parties.
Tim Leonard, executive vice president of technology for TMW, will lead the company’s participation in BiTA. Leonard, who recently was recognized as a 2017 “Data Visionary” in the Americas Data Heroes Awards program sponsored by Hortonworks, has published a new white paper, available here, that explores the benefits of blockchain for an increasingly multi-modal transportation environment.
“Blockchain, machine learning, and other emerging technologies can play vital roles in helping transportation service providers more efficiently and profitably meet the demands of tomorrow’s highly complex supply chains,” said Leonard. “We are excited to help lead the development of standards and innovative applications that can transform the movement of freight from supplier to end consumer.”