CP is the latest Class I to join BiTA, which is developing new standards for using blockchain technology to enable a faster, more cost-efficient and transparent freight supply chain.
Blockchain is a digital ledger capable of recording transactions and storing data in immutable blocks across a distributed network. It uses cryptography to ensure that network participants see only the parts of the ledger that are relevant to them, and that transactions are secure, authenticated and verifiable.
"As part of BiTA, we look forward to creating opportunities and innovative solutions that benefit our customers and the broader supply chain," said CP Vice President Information Services and Chief Information Officer Mike Redeker in a press release.
BiTA has nearly 500 members from freight, transportation, logistics and affiliated industries.
"Blockchain has the potential to smooth the transactions that occur between shippers and carriers, but it requires the active participation of transportation leaders like CP," said BiTA President Patrick Duffy.
To learn more about railroads' exploration of blockchain technology, read this feature article in Progressive Railroading's July issue.