(BRK.A), (BRK.B)
Velocity Freight Transport, Inc. has joined the Blockchain in Transport Alliance (BiTA), a forum for the development of blockchain standards and education for the freight industry.
As one of the first freight brokerage companies to join BiTA, Velocity will work closely with the organization to set new standards for the use of blockchain technology in the transportation space.
With this announcement, Velocity Transport joins a consortium of 250-plus companies that have joined BiTA within the last six months and have a vested interest in the development of blockchain technology.
McLane Company Inc., a Berkshire Hathaway-owned supply chain services company, recently launched Velocity Transport as a freight brokerage company dedicated to providing significant value to both shippers and carriers.
Velocity Transport entered the marketplace to offer comprehensive freight solutions and deliver an unparalleled level of service to both shippers and carriers. Velocity’s decision to join BiTA reinforces the leadership team’s dedication to providing significant value to their clients and leading the freight brokerage industry into a new era of cutting-edge technology and thinking.
“We believe blockchain provides great value in solving industry pain points, but there needs to be clarity and standards around its use and BiTA intends to provide that through education and promotion of the technology,” said Chris Burruss, president of BiTA. “Velocity adds a crucial voice to BiTA, and their perspective will help BiTA and its membership build the world’s first transportation industry-specific blockchain standards.”
By engaging the brightest minds from the most influential leaders in transportation, finance and technology, BiTA is focused on providing educational resources and open forums to those in the industry interested in leading the evolution of the trucking industry through the efficiencies offered in blockchain technology.
“By becoming a member of BiTA, Velocity is connecting with a group of like-minded companies that want to drive innovation and advocate for the adoption of blockchain applications in the freight industry,” said John Lower, vice president of Velocity Transport. “We are very excited about the great potential of blockchain technology and are proud to join the team that will set the standards for its use going forward.”
Other Berkshire Hathaway companies that have joined BITA include BNSF Railway.
© 2018 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.