As a member of BiTA, Echo will be on the forefront of developing industry standards around blockchain technology
CHICAGO, Dec. 19, 2017 (GLOBE NEWSWIRE) -- Echo Global Logistics, Inc. (NASDAQ:ECHO), a leading provider of technology-enabled transportation management services, announced today it is joining the governance board of Blockchain in Transport Alliance (BiTA), an organization dedicated to setting standards for blockchain technology within the transportation industry.
A blockchain is a digital and decentralized ledger that is maintained across a network of computers and protected through encryption. Its transparency and incorruptibility helps facilitate transactions and agreements between different parties.
From smart contracts and freight payment to transparency and chain of custody, members of BiTA will address major issues in order to determine how the industry will adopt a standard blockchain framework. As a member of BiTA and its board, Echo will help build this common foundation.
“Echo is proud to be one of only a handful of companies invited to join BiTA’s governance board,” said Doug Waggoner, Chairman of the Board of Directors and Chief Executive Officer at Echo. “We are committed to simplifying transportation management for our clients and carrier partners, and blockchain technology presents enormous opportunities to increase efficiency and transparency in our industry.”
Chris Burruss, President at BiTA, said, “With Echo’s position as a leader and innovator in the transportation industry, it was a logical decision to extend an invitation to join us in developing our first standards for the revolutionary blockchain technology. We are excited to get to work!”
BiTA plans to publish its first standards in 2018. To learn more, visit https://bita.studio/
About Echo Global Logistics
Echo Global Logistics, Inc. (NASDAQ:ECHO) is a leading provider of technology-enabled transportation and supply chain management services. Headquartered in Chicago with more than 30 offices around the country, Echo offers freight brokerage and Managed Transportation solutions for all major modes, including truckload, partial truckload, LTL, intermodal, and expedited. Echo maintains a proprietary, web-based technology platform that compiles and analyzes data from its network of over 40,000 transportation providers to serve clients across a wide range of industries and simplify the critical tasks involved in transportation management. For more information on Echo Global Logistics, visit: www.echo.com.
About Blockchain in Transport Alliance
Founded in August 2017, the Blockchain in Transport Alliance (BiTA) is a forum for promotion, education, and encouragement to develop and adopt blockchain applications in the trucking, transportation, and logistics industry. BiTA’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. For more information, visit www.bita.studio.
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Echo Global Logistics
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Echo Global Logistics
Source: Echo Global Logistics, Inc.