The Wall Street Blockchain Alliance (WSBA) has teamed up with the Blockchain in Transport Alliance (BiTA) to define the impact of blockchain technology for the global transport markets.

WSBA is a leading nonprofit trade association promoting the comprehensive adoption of blockchain technology across global markets. Its members include KPMG, Outlier Ventures, BlockEx, RiskSpan, and others.

Formed in August 2017, BiTA aims to promote the adoption, education, and development of a standard framework around blockchain in the freight industry. It counts over 200 freight transportation companies as its members which includes the likes of FedEx, SAP, UPS, Salesforce, and Schneider, among others.

Under the collaboration, WSBA and BiTA will co-develop materials related to the financing of the global physical supply-chain. They will leverage the industry knowledge and resources from member participants to develop risk-management and supply-chain finance conferences, certifications and educational initiatives.

“The WSBA is very pleased to be collaborating with the BITA to guide the evolution of the global transport markets in a future with blockchain technology,” said Ron Quaranta, chairman of the WSBA. “Each organization shares a vision of educating our relative marketplaces on blockchain technology, as well as guiding and promoting its forthcoming adoption. We are very excited about the possibilities our joint efforts will yield.”

As part of this collaboration, WSBA and BiTA are planning an industry conference in June 2018 that will cover topics such as blockchain technology use cases, smart contracts, and the benefits and challenges of blockchain technology in the financial and transport industries.

"In the freight and transport space, blockchain technology offers the ability to create extraordinary efficiencies and help to foster mutually rewarding relationships for all industry participants," said Craig Fuller, Managing Director, BiTA, and CEO, FreightWaves. "Partnering with WSBA affords us the opportunity to bring together our combined, highly influential and forward-thinking memberships to impact widespread adoption across both industries, in the United States and globally. The potential for this conference to affect change is truly unprecedented."