Software engineering and IT consulting services firm EPAM Systems Inc. has joined the Blockchain in Transport Alliance (BiTA) that develops blockchain practices and standards in the transportation, logistics and supply chain industry.
According to a press release on Aug. 19, EPAM determined 21 real-world use cases of blockchain tech in industries such as life sciences, transportation, logistics, agriculture, consumer packaged goods, manufacturing and retail, insurance and healthcare. The BiTA will purportedly use EPAM’s software engineering expertise to further improve blockchain development and establish standards.
Blockchain hype vs practical applications
Commenting on the collaboration, Jitin Agarwal, EPAM's vice president of enterprise products, said that the firm wants clients to better understand how distributed ledger technologies can be practically used, stating:
"With all the buzz and hype in the market, some companies assume that blockchain is the ultimate be-all, end-all solution for any business challenge. At EPAM, we're working closely with our customers to help them truly understand how they can utilize distributed ledger technology, in combination with our other solution offerings, to increase efficiency and unlock new business models.”
Earlier in August, Canada’s transcontinental railway, Canadian Pacific (CP), also joined the BiTA to support improvements in supply chains through blockchain technology. At the time, BiTA president Patrick Duffysaid that 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."
Blockchain has been gaining popularity in the transportation and supply chain industries. Recently, the national carrier of the United Arab Emirates Etihad Airways partnered with Winding Tree, a blockchain-based platform for the travel industry, to research how blockchain can aid in distribution.