Its verifiable and trusted location data will help facilitate smart contracts in the supply chain and logistics industry
XYO Network, the geospatial location network, has joined the Blockchain in Transport Alliance (BiTA), one of the largest commercial blockchain alliances in the world that focuses on the freight industry.
A consortium of companies and organisations involved in freight, transportation and logistics, BiTA is developing industry benchmarks and standards for blockchain, educating the market and advancing the technology and its applications within the supply chain. The alliance has 450 members, including Delta Cargo, FedEx, Google, Salesforce and UPS, that collectively generate over $1 trillion in revenue annually.
There are an increasing number of transportation and logistics blockchain pilot projects worldwide. XYO will help to add reliable location data and best practices to blockchain transportation standards by using its ecosystem to determine whether an object is at a specific XY coordinate at a specific time.
"We are delighted to welcome XYO to the BiTA community,” said Chris Burruss, president of BiTA, who added that smart contracts that are executed and arbitrated using blockchain have the potential to lower risk and costs for both carriers and shippers. “The XYO Network technology delivers authentic, verifiable and trusted coordinates and data needed to execute smart contracts and we look forward to engaging with them as we move forward.”
XYO Network provides accurate location data on everything from cars to smartphones and makes use of tracking and Internet of Things devices as well as mobile phones. It can deliver complex, multi-layered, 3D-level location data from anywhere in the world.
“The XYO Network technology delivers authentic, verifiable and trusted coordinates and data needed to execute smart contracts"
“The advent of blockchain is rapidly bringing innovation to the commercial freight industry and XYO’s partnership with BiTA will help us identify insights, trends and real-world use cases for our location-based verification technology,” said Markus Levin, XYO’s co-founder.
It also recently announced it has joined the Mobility Open Blockchain Initiative (MOBI), a global consortium of organisations dedicated to bringing innovation to the transportation industry through blockchain. Its members include BMW, ConsenSys, the World Economic Forum and other global brands.
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