Blockchain startups 2016 ford f150

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Trucking is a massive industry that affects virtually every American. Companies hailing from each piece of the trucking supply chain have joined BiTA, including: Our company,Transfix, is also a member.

Blockchain is a shared, distributed ledger that facilitates the process of recording transactions and tracking assets in a business network. An asset can be tangible like a truck, or intangible blockchain startups 2016 ford f150 an insurance requirement. The blockchain we in the U.

As a standards organization, BiTA aims to create a common framework to spur the development of blockchain applications for logistics management, asset tracking, transaction processing and more.

Why do we need blockchain? Because trucking is an inefficient industry. Manufacturers have a hard time finding trucks to transport their goods. In fact, truckers drive more than 29 billion miles with partial or empty truckloads.

According to the American Trucking Association, there are roughly 1. But 90 percent of these companies have six trucks or fewer. This enormously fragmented industry struggles to match shippers the demand with carriers the supply. Matching shippers with carriers is just one of the problems blockchain could solve. I know because my co-founder at Transfix, Drew McElroy, is a dyed-in-the-wool trucking devotee.

Drew was born into the trucking business. His parents, and later Drew, ran a trucking brokerage company with the express aim of matching shippers with carriers. It was brutally inefficient, taking up to three hours of calling and faxing orders to line up a single delivery. If implemented well, blockchain could be the Holy Grail that makes the entire trucking supply chain more efficient. Imagine a cadre of shippers, carriers and brokers collaborating on a secure, frictionless network.

In my humble opinion as a technologist, I believe three things must happen to make blockchain viable in trucking. Blockchain is a digital ledger using blocks or bundles of transactions that are linked and secured by cryptography. As a result, data entered into the blockchain cannot be modified or corrupted. But first, we must trust the data being entered into the blockchain. Similarly, carriers must trust the shippers that hire them through the blockchain to pay them for their services.

Because the trucking blockchain will be private, all shippers, carriers and brokers will be vetted, and relationships will likely be built through contracts and agreements.

I would also suggest a level of interconnectivity of trustable data sources. For example, to ensure that a carrier has satisfied insurance requirements, the blockchain should connect directly with insurance companies. Remember, 90 percent of all trucking companies in the U. These are small businesses. Blockchain startups 2016 ford f150 order to participate in the blockchain, both carriers and shippers must have access to the software, hardware blockchain startups 2016 ford f150 knowledge.

This task will prove to be difficult. Just look at the electronic logging device ELD rule as a recent effort to get truckers to participate in a shared, technology-driven mission. This was a congressionally mandated rule intended to help create a safer work environment for drivers. If a critical mass of small carriers blockchain startups 2016 ford f150 not participate initially in a trucking blockchain, new carriers must join to replace them.

All players in the trucking blockchain must agree on how to characterize blockchain startups 2016 ford f150 data — e. Data standardization is not easy. For example, electronic data interchange EDI is a standard in the logistics industry. Different companies use different versions of EDI, which results in very meticulous and time-consuming integration and development work so that companies can collaborate.

Blockchain is still in its infancy and holds great promise. But trucking must overcome three challenges for blockchain to take off.

If blockchain startups 2016 ford f150 collectively chart the future with this budding technology and anticipate unintended consequences, I believe blockchain could be more than a buzzword in trucking. Jonathan Salama is chief technology officer at Transfixa digital trucking marketplace based in NYC.

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The company was formed by the founders of B3i. Up until now B3i has been a collaborative initiative of 15 global insurers and reinsurers who came together in late to explore and test the potential of blockchain in the industry. These innovative solutions benefit both insurance companies and customers through improved speed, transparency, quality, security, and cost.

B3i successfully completed its first product, a blockchain prototype for property cat XoL reinsurance contracts, in mid Throughout October , a group of 38 insurers, brokers, and reinsurers tested its functionality and robustness.

The prototype demonstrated that transactions could become quicker, more efficient, and more secure than with current methods. The first live trades on the platform are anticipated by the end of , with several other products being developed concurrently.

The formation and incorporation of B3i Services AG represents a significant milestone for the members of B3i. As an independent legal entity with its own capital and Intellectual Property, B3i Services AG can streamline the development, testing and commercialisation of blockchain solutions.

The incorporation of B3i Services AG is the starting point for the next stage of the initiative. The company will be raising additional funds from a wide spectrum of insurance industry participants over the coming months. More information about investment opportunities will be issued in the next few weeks. Gerhard Lohmann, CFO of Reinsurance, Swiss Re has been appointed as chairman of the company and recently commented, "The transition of B3i from consortium to independent company is a concrete step forward to realising the enormous potential of blockchain for the insurance industry.

Personally, I am very excited to be at the forefront of this innovation that has the capability to transform the industry and help make insurance more affordable, accessible and attractive for market segments that are currently disenfranchised, or underprivileged. The executive management team of B3i Services AG all had key roles leading workstreams of the B3i initiative to date.

In addition, they have extensive and varied experience and have all held senior positions in major global insurance groups. The team provides B3i with continuity and a solid foundation on which to take the company forward. The success of the B3i Initiative is now being manifested in the incorporation of the new company and the realisation of the immense potential of blockchain to positively transform the industry and benefit customers.

For further information please contact press b3i. Interested investors can contact investor b3i. The company was incorporated on 23rd March , by the following founding shareholders:. These cookies do not collect personal information. For more information about our cookie usage, please click here.

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If you choose to change your cookie settings you will be presented with this message the next time you visit. Back To Main Menu. Aviation And Aerospace Insurance. The company was incorporated on 23rd March , by the following founding shareholders: A Stable By A. Legal Notices Privacy and Cookies Feedback. XL uses two forms of cookies on this site:

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