LiteLink Technologies announced on Thursday that it has joined the Blockchain in Transport Alliance to help educate the freight, transportation, logistics and supply chain management industries on the benefits of blockchain.
LiteLink Technologies (CSE:LLT) is the latest company to join the Blockchain in Transport Alliance (BiTA).
Announced on Thursday (November 8), LiteLink, a blockchain solutions and payments provider, will benefit the BiTA in developing and establishing blockchain standards.
BiTA was established in August 2017 by executives in the areas of technology and transportation who work to inform on the benefits blockchain will have in the freight industry.
“Our experience working in blockchain has allowed us to identify niche opportunities that we are developing in anticipation of rapid industry progression over the forthcoming months,” Ashik Karim, CEO of LiteLink, said in the press release.
With its addition to the BiTA, LiteLink will be able to join real-time discussion boards, join forces on the future of blockchain and speak at events, including the BiTA Fall Symposium taking place on November 14.
Chris Burruss, president of BiTA, said blockchain will be transformative in the supply chain management industry “by improving transparency and innovation.”
“[LiteLink Technologies’] expertise in developing blockchain applications will help BiTA develop and deploy blockchain standards,” he added.
In addition to the benefits blockchain will have in the supply chain management and freight industries, the BiTA is aiming to educate organizations involved in transportation and logistics.
“Blockchain will allow transportation and logistics companies to operate in a more seamless and transparent manner, and can also help to create new revenue streams and value for customers by supporting a system able to complete transactions, track shipments and manage fleets,” the release says.
Some of the high profile affiliates in the BiTA include: UPS (NYSE:UPS), FedEx (NYSE:FDX), Salesforce.com (NYSE:CRM), Google (NASDAQ:GOOGL) and Target (NYSE:TGT), which barely scratches the surface of the 450 plus BiTA members.
These organizations are BiTA members due to the fact that they believe blockchain will disrupt and will be pivotal to the growth in the freight industry. What’s more, the alliance works together to develop standards in revolutionizing supply chain.
In LiteLink’s pipeline is its 1Shift Logistics platform, an end-to-end logistics solution platform the company is developing which will address the fragmented logistics marketplace. The system will permit carriers, shippers and brokers to track shipments and solve conflicts and errors with real-time analytics.
Shares of LiteLink Technologies reacted positively following Thursday’s announcement with an impressive 44.44 percent increase to close the trading session at C$0.26. Year-over-year, the company’s stock has increased substantially by 550 percent.
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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.