Data Gumbo Corp., a provider of a trusted transactional blockchain network to automate contract execution, has joined the Blockchain in Transport Alliance (BiTA), an organization dedicated to determining best practices and standards for blockchain in the transportation industry.
BiTA members include Descartes, Daimler, FedEx, SAP and Uber Freight, among dozens of other global brands. Data Gumbo offers the logistics sector GumboNet, its massively interconnected blockchain network, to free up working capital, reduce contract leakage, improve cash and financial management, and deliver material provenance for global freight and transportation.
The main challenges in the logistics industry involve care, custody and control. The lack of a networked interoperable solution to connect disjointed, manual and paper-based processes only further complicates data coordination and transactions. Our network solves these pain points by providing a secure, immutable system of record that can be shared to deliver contractual flexibility and frictionless payments.—Andrew Bruce, CEO and Founder of Data Gumbo
GumboNet is a trusted transactional network that can be used to automate contract execution between multiple counterparties using field data to verify contract terms have been met. As a neutral, third-party and unchangeable data log, the network is transforming how players in transportation perform business.
For example, for freight forwarding companies such as those that offer international commodities shipping, GumboNet enables them and their clients real-time transparency into global shipment tracking (some of the most expensive and treacherous shipping in the world), in turn, providing counterparties the benefits of reduced disputes, increased accuracy, and automated contract executions for faster invoicing and payments.
Founded in August 2017, BiTA has become the largest commercial blockchain alliance in the world, with nearly 300 members. BiTA members are primarily from the freight, transportation, logistics and affiliated industries. Alliance members share a common mission to develop a standards framework, educate the market on blockchain applications/solutions and distributed ledger technology, and encourage the use of those applications.