like that which will eventually push blockchain into the mainstream.
“The solutions will be pushed, in my opinion, by major retailers when they are ready. When Walmart and Amazon and the major retailers in the world are ready to go all in on blockchain technology, there will be a way for these smaller players to use it. They won’t need to develop it themselves,” he said.
Duffy explained that blockchain will eventually be a background system for transportation management systems (TMS) and other solutions, meaning fleets and shippers, regardless of size, will not need to have blockchain experts on staff.
“They will be uploading information from Shipper A needing to send a 53-foot trailer to Retailer A’s warehouse in Virginia and it will take the unstructured data, put it into structures, and share it to provide complete visibility into the process,” Duffy said. “If something goes wrong, it will provide a complete and immutable trail to find where something went wrong and why.”
Duffy testified to the U.S. Senate this summer, stating that we are still likely three to five years away from widespread adoption of blockchain in the freight ecosystem, but that real projects are now emerging, and the technology is being refined.
In February 2019, the Blockchain Promotion Act of 2019 was introduced in the U.S. House of Representatives. No movement has happened with the bill yet, but Duffy points to its introduction as significant. The act would establish a Blockchain Working Group within the Department of Commerce, comprised of representatives from every government agency.
“Blockchain advancement may move faster if there is regulatory pressure, which may come about,” Duffy said. “BiTA is interested in seeing education and meaningful commercial outcomes come from its application.”
Duffy said BiTA and its member companies know that blockchain is not just an industry buzzword bound to disappear in a few years.
“This is not a technology play, this is a business model shift, so it needs to be approached by that,” Duffy said. “It’s not just your tech team that is involved in this journey. It’s your whole organization that is going to be affected by this.”
By Brian Straight, Managing Editor of FreightWaves
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