U.S. railway network Norfolk Southern has become the latest industry player to join the Blockchain in Transport Alliance.
One of less than a dozen Class I railroads in North America, Norfolk Southern announced Thursday that it would participate in the consortium's mission of establishing standards for logistics companies using blockchain technology, according to a press release.
The company maintains a number of rail lines across the Eastern Seaboard, in addition to providing coal and intermodal transport services in the region.
BiTA vice president Fred Ehlers said in a statement that the rail line would help with streamlining supply chain processes using blockchain.
The statement was echoed by BiTA president Chris Burruss, who said that more than 250 members of the alliance are working toward creating "common blockchain standards that will define the future of freight movement," according to the release. He added:
Norfolk Southern image via Jonathan Weiss / Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.