May 22: HCL Technologies Ltd (HCL), a leading global IT services company, on Tuesday announced that 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 of other leading global brands.
“HCL will bring its deep expertise in digital technologies to the Alliance and help develop Blockchain-based solutions for the Industry,” the company said.
Blockchain is a technology that enables identifying and tracking transactions digitally and sharing this information across a distributed network of computers.
“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,” he added.
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, according to the company.
HCL shares were trading at Rs 905, up 1.04% from the previous closing of Rs 895.70, on BSE at 2.59 pm today.