RevUnit joins group developing blockchain standards for transportation industry

by Talk Business & Politics staff ([email protected]) 441 views 

Bentonville software company RevUnit has joined the Blockchain in Transport Alliance (BiTA). On Monday (June 11), BiTA announced RevUnit had joined the organization that’s working to develop common blockchain standards.

In a recent blockchain conference, the technology was described as “a decentralized, peer-to-peer system for validating, time-stamping and permanently storing transactions on a distributed ledger that uses encryption protocols to authenticate digital asset ownership and consensus protocols to prevent double spending, to add validated transactions to the ledger and to ensure the ongoing integrity of the ledger’s complete history.”

RevUnit partners, including St. Louis-based transportation company UniGroup and Lowell-based carrier J.B. Hunt Transport Services, previously joined the organization. The organization believes that blockchain will be the way of the future and represents a technology that’s expected to impact the transportation and logistics industry. It looks to drive how the technology will impact the industry in a way that will benefit the industry and its customers.

“We strongly believe that bringing together the various stakeholders to talk about transparency is what really advances the disruptive potential of blockchain,” said Spruce Feinstein, a technology architect at RevUnit. “We view blockchain as a catalyst for disruptive thinking and look forward to working with other BiTA members to ensure the technology’s true potential can be realized, particularly for our partners in transportation and logistics.”

“As technologists with a deepening focus on the transportation and logistics industry, it’s only natural for us to join BiTA and support our clients and partners already involved in the organization,” RevUnit co-founder Michael Paladino said. “As we continue to help guide our enterprise clients through digital disruption, we’re excited to have the opportunity to help shape the future of such a potentially transformative emerging technology.”

BiTA President Chris Burruss was excited to have RevUnit join the organization. “The development of open-source blockchain standards requires leaders across the transportation space working together to ensure those standards are beneficial to the greatest number of industry participants,” Burruss said. “RevUnit, with its deep experience partnering with transportation and logistics leaders on digital transformation projects, brings an important perspective and expertise to BiTA’s overall mission from which our members will benefit greatly.”