Korean Logistics Firm Lotte Decides to Join the Blockchain in Transport Alliance
An important South Korean logistics and shipping company, Lotte Global Logistics, decided to join the Blockchain in Transport Alliance – also known as BiTA. The information has been revealed by FreightWaves on Monday July the 9th.
Lotte Global is a full-service logistics provider that works in South Korea. It oversees warehouse management, intermodal import/export terminals and customs clearance, parcel delivery, and moving freight by air, rail and truckload.
At the moment, the firm has 15 mega terminals and 90 branch offices. At the same time, it has over a thousand local offices. Moreover, it as overseas logistics points across the Americas, Asia and Europe, reaching even a greater market.
The BiTA association was formed back in 2017 with the intention to implement and spread the use of blockchain technology in the shipping industry. It wants to establish standards for adoption of the technology as well. Currently, the alliance has over 400 participants from all over the world and uses OriginTrail, a purpose-built protocol for supply chains based on blockchain technology.
BiTA’s managing director, Craig Fuller, explained that the alliance was very ‘excited’ about including a member such as Lotte Global. The company has wide experience in different segments of the supply chain, something that will help the organization in intention to deliver blockchain standards that are ‘truly end-to-end.’
Additionally, BiTA has other important players in the market, including FedEx, Uber, UPS, and GE Transportation.
This shows how the shipping industry can benefit from implementing blockchain services and embracing the technology. In general, those companies deal with daily bureaucratic procedures that are costly, time consuming and not effective. With distributed ledger technology it is possible for them to increase their efficiency and give a better product and service to their clients from all over the world.