Road to Innovation? Truck Giant Penske Joins Blockchain Group

Global transport company Penske Logistics has become the latest company to join the Blockchain in Transport Alliance (BiTA).

The organization aims to spur blockchain development in the transport industry by creating applications for supply chain and logistics processes, asset tracking, and transaction ledgers, according to a press release. Penske became a corporate member of the alliance on Jan. 15.

The company specifically may work on creating applications for its food and beverage transports, as well as for its manufacturing division.

Senior vice president of global products Andy Moses said the company planned to study blockchain technology as part of their joining the alliance.

He said:

"We've joined BiTA to take part in better understanding the benefits of blockchain for our customers and to be a part of crafting the standard framework in the development and implementation of blockchain technology.”

Penske joins companies such as United Parcel Service in the consortium. Last year, UPS announced it was joining to help develop standards for blockchain platforms, including on how to use the tech to facilitate payments.

At the time, the consortium was called the Blockchain in Trucking Alliance, and focused its energies specifically on that industry.

However, the addition of rail companies and other transportation-related groups led to the consortium's name change.

Penske trucks image via EQRoy / Shutterstock