Speaker 1: Blockchain is one of the most talked about emerging technologies with numerous applications across many industries, but can it modernize the fragmented and inefficient logistics industry? Blockchain technology is predicted to have a massive impact throughout many industries, including the logistics industry. While best known for its role behind the various cryptocurrency such as Bitcoin, the technology is widely applicable to many problems and numerous industries. Supply chains are becoming increasingly complex with many players involved, requiring large numbers of contracts, payments, tracking, and communications. Blockchain is one such technology predicted to help better connect the many players and handoffs within the industry, bringing efficiency to the many disjointed elements in any one specific supply chain. Broadly speaking, blockchain technology describes a distributed, highly secure platform, ledger, or database where value, everything from money, stocks, bonds, intellectual property, deeds, music, and even votes can be stored and exchanged without powerful intermediaries. Blockchain in the logistics industry will likely be used as a distributed ledger, which could provide better transparency throughout the lifetime of a shipment. Blockchain data is decentralized, unable to be changed once created, thus creating a more secure and transparent information pathway that would follow a shipment from origin to destination. Due to this decentralization, it is unlikely a system could be disrupted due to a localized failure or attack. The implications could mean quicker processes, lower transactional cost, and more secure and reliable data exchange within the industry. However, for this to happen, there needs to be a unified set of standards across the industry, and that's where the Blockchain and Transport Alliance comes in. Blockchain and Transport Alliance is a forum for promotion, education, and encouragement to develop and adopt blockchain technologies in the trucking, transportation, and logistics industry. Blockchain and Transport Alliance's goal is for members to participate, discuss, create, and adopt industry standard uses of blockchain applications, and to provide clarity and direction for the development of blockchain technology in the transportation industry in a manner that will create efficiency, transparency, and foster trust. BITA standards are intended to create a common framework to help organizations develop and adopt blockchain technology. Major players in the industry including DHL, JB Hunt, BNSF, Maersk, and many others are coming together to craft a set of standards that could see blockchain be deployed within the industry. Over the next several years, we will likely see industry adoption of blockchain and its application to a number of processes within the logistics industry. If you want to learn how new technology can make your supply chain more efficient, or would like us to help you optimize your logistics plan, let us know. Thank you for watching. Subscribe and like if you enjoyed this video. More videos coming along very soon.