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Lynkit, the first Indian company to develop the e-consignment note on blockchain, has joined the Blockchain in Transport Alliance (BiTA).
The application — Lynkit.io — has been built on Hyperledger Fabric and has led the company to be featured on The Linux Foundation's Blockchain Showcase.
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BiTA is developing best practices and standards for blockchain in the transportation industry. Blockchain is an open, distributed digital ledger that can record and share transactions between two or more parties efficiently, securely and permanently. Blockchain enables transportation companies to more accurately track shipments, routes and transport vehicles while providing a highly secure platform that permits faster processing and payments.
"Lynkit has joined BiTA because we believe that our development experience and user feedback can contribute to the ongoing discussions on standards and interoperability in the logistics industry," says Lynkit's Chief Operating Officer (COO) Sadhika Kumar. "We firmly believe that blockchain bridges the trust gap between parties in supply chain transactions and allows businesses, transporters, banks and regulators to transact with confidence."
Kumar added that they were looking at significant gains for their clients from convergence of their existing suite of applications built around IoT, augmented reality, and real-time kinematics for the port logistics and trucking industry.
"BiTA is the leading organization establishing blockchain standards within transportation, which will result in more efficient freight movement, supply chain management and more. We are proud to be a part of the organization promoting mass adoption of this technology in logistics," according to the COO.
BiTA President Patrick Duffy stated, "On behalf of the members of BiTA, I welcome Lynkit into the Alliance. I am confident that the company's expertise in digitising regulatory and commercial documents will assist BiTA in accomplishing its objectives."
Image Sourced from Pixabay
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.