Transportation company Penske Logistics has announced that it has joined Blockchain in Transport Alliance (BiTA) as a corporate member.

Formed in August 2017, BiTA aims to promote the adoption, education, and development of a standard framework around blockchain in the freight industry. Its members counts the likes of FedEx, SAP, UPS, Salesforce, and Schneider, among others.

"We've joined BiTA to take part in better understanding the benefits of blockchain for our customers and to be a part of crafting the standard framework in the development and implementation of blockchain technology," stated Andy Moses, Penske Logistics senior vice president of global products.

A wholly-owned subsidiary of Penske Truck Leasing, Penske Logistics sees potential blockchain benefits for its customers operating in the manufacturing, food, beverage sectors as well as other industries. The company provides supply chain management and logistics services to leading companies around the world.

“Benefits may be achieved by further digitizing and securing supply chain and logistics processes, improving order accuracy, as well as tracking physical assets like vehicles, trailers, trucks, or containers and securing freight bill pay and audit transactions across Penske’s extensive freight brokerage and dedicated carriage operations,” the company said in its official release.