HCL Technologies, a leading global technology company, today announced it has joined the Blockchain in Transportation Alliance (BiTA), an organization dedicated to determining best practices and standards for Blockchain in the transportation industry. BiTA’s members include Descartes, Daimler, FedEx, SAP and Uber Freight among dozens of other global brands. HCL will bring its deep expertise in digital technologies to the Alliance and help develop Blockchain-based solutions for the Industry.
Blockchain is a technology that enables identifying and tracking transactions digitally and sharing this information across a distributed network of computers. For the transportation industry, Blockchain allows the ability to more effectively track goods and freight across the supply chain. Blockchain will allow transportation and logistics companies to operate in a more seamless and transparent manner. It can also help to create new revenue streams and value for customers by enabling a system of completing transactions, tracking shipments, and managing fleets.
“Blockchain technology will transform the supply chain by introducing greater transparency, innovation, and efficiency,” said Chris Burruss, President of BiTA. “We are fortunate to have member companies like HCL Technologies, who have experience with blockchain applications. They will be a key player in helping us develop blockchain standards in transportation.”
To further promote broad adoption of blockchain, HCL developed the CoTrust Blockchain Application Platform℠ that uses key enterprise blockchain engines, leveraging their base capabilities to enable rapid development and deployment of Blockchain applications. The CoTrust Blockchain Application Platform offers services with key features, such as a managed platform, end-to-end security, automated on-boarding, and structured APIs.
“HCL’s partnership with BiTA, and working alongside other global industry leaders in transportation, logistics, and supply chain, will allow us to engage in the development of standards for how blockchain technology will be used in such transportation activities as track and trace, provenance, smart contract management, compliance management, and fraud detection,” said Ajay Bahl, Executive Vice President and Head of Public Services and Manufacturing Business (North America) at HCL Technologies. “By helping to develop a common framework and standards through working with the industry participants, we will promote broad adoption of this disruptive digital technology for transportation and logistics.”
About the Blockchain in Transport Alliance
BiTA (bita.studio) was formed in August 2017 by experienced technology and transportation executives to create a forum for the development of Blockchain standards and education for the freight industry. It brings together leading companies in the freight technology industries that share a vested interest in the development of Blockchain technology. BiTA engages with the industry and provides educational resources to promote the potential benefits of Blockchain technology. Over 1,000 companies have applied for membership.
About HCL Technologies
HCL Technologies (hcltech.com) is a $7.8 billion next-generation global technology company that helps enterprises reimagine their businesses for the digital age. Our technology products, services and engineering are built on four decades of innovation, with a world-renowned management philosophy, a strong culture of invention and risk-taking, and a relentless focus on customer relationships. With a worldwide network of R&D, innovation labs and delivery centres, and 120,081 ‘Ideapreneurs’ working in 39 countries, HCL serves leading enterprises across key industries, including 250 of the Fortune 500 and 650 of the Global 2000. We offer an integrated portfolio of products, solutions, services, and IP through our Mode 1-2-3 strategy built around Digital, IoT, Cloud, Automation, Cybersecurity, Analytics, Infrastructure Management and Engineering Services, amongst others, to help enterprises reimagine their businesses for the digital age.
Forward looking Statements
Certain statements in this release are forward-looking statements, which involve a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from those in such forward-looking statements. All statements, other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to the statements containing the words 'planned','expects','believes’, ’ strategy','opportunity','anticipates','hopes' or other similar words. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding impact of pending regulatory proceedings, fluctuations in earnings, our ability to manage growth, intense competition in IT services, business process outsourcing and consulting services including those factors which may affect our cost advantage, wage increases in India, customer acceptances of our services, products and fee structures, our ability to attract and retain highly skilled professionals, our ability to integrate acquired assets in a cost-effective and timely manner, time and cost overruns on fixed-price, fixed-timeframe contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, the success of our brand development efforts, liability for damages on our service contracts, the success of the companies /entities in which we have made strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property, other risks, uncertainties and general economic conditions affecting our industry. There can be no assurance that the forward-looking statements made herein will prove to be accurate, and issuance of such forward-looking statements should not be regarded as a representation by the Company, or any other person, that the objective and plans of the Company will be achieved. All forward-looking statements made herein are based on information presently available to the Management of the Company and the Company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company.