Last week, GE Transportation announced its membership in the Blockchain in Transport Alliance (BiTA), a trade association focused on blockchain education and the development of industry standards. Blockchain is a digital ledger technology that logs transactions and organizes data into blocks across a decentralized network. According to GE officials, this technology allows for a "digital supply chain" and facilitates a peer-to-peer commerce system. Established in the fall of 2017, BiTA is made up of over 230 companies, including BNSF Railway Co. , which recently became the first Class I railroad to join the alliance.

Its members include truckload carriers, third-party logistics providers, technology companies, major retailers, and financial services firms. "As GE Transportation enhances its capabilities across the broader supply chain, we are linking partners and customers at every point and across various modes, " stated Laurie Tolson, GE Transportation’s chief digital officer. "We are eager to contribute our applications to BiTA as we strive to harness the transformative potential of blockchain within the sectors we serve. " While blockchain technology is still a few years away from widespread adoption, GE representatives noted, referencing research from Gartner, that it could yield $176 billion in additional business value by 2025, with projections indicating this figure could surpass $3. 1 trillion by 2030. Source: Progressive Railroading Daily News