KPMG Partners with Blockchain in Transport Alliance (BiTA)

[Leonardo]

KPMG LLP, one of the “Big Four” professional services firms, announced on Monday that it partnered with the Blockchain in Transport Alliance (BiTA) to contribute to the development of distributed ledger technology (DLT) standards in the transportation industry. According to BiTA members, the industry is now encountering challenges related to shipping practices, handling complex processes within smart warehouses, and dealing with business models.

DLT can address most of these tasks, but freight and technology businesses have to create a common foundation in order to standardize blockchain implementation. Today, companies operating in the transportation and freight industry are becoming more interconnected, but it is not enough for sustained business growth, which should also reply on cutting costs and mitigating the risks and security issues related to transport logistics systems.

Arun Ghosh, head of KPMG's US Blockchain, commented:

“Even with major advances in technology, transport logistics remain expensive and vulnerable. Blockchain has the potential to solve these issues and disrupt many of the systems that freight organizations have relied upon for decades, while creating greater transparency, speed, reliability and trust within organizations' core operations, including their supply chain.”

On the other side, Chris Burruss, president of BiTA, said:

“We believe that blockchain will fundamentally change the transportation industry. We are very proud to have KPMG join BiTA. Their global reach and perspective across advisory, audit and tax is invaluable in establishing the industry standards that will determine blockchain's use in freight for years to come.”

BiTA is an international blockchain consortium that aims to standardize the use of DLT in the freight industry. Its main offices are in the US, the UK, and Australia. Currently, the alliance comprises over 200 companies, including SAP, FedEx, JD.com, UPS, P&S Transportation, US Express, and others.

In February, BiTA announced that it would work with the Wall Street Blockchain Alliance, which has a KPMG executive in its Board of Directors.

Source: https://cryptovest.com/news/kpmg-partners-with-blockchain-in-transport-alliance-bita/