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Press release content from Globe Newswire. The AP news staff was not involved in its creation.

Insolar Accepted into Blockchain in Transport Alliance

April 9, 2019

New York, NY, April 09, 2019 (GLOBE NEWSWIRE) -- (via Blockchain Wire ) Insolar has been accepted into the Blockchain in Transport Alliance (BiTA), an organization which aims to drive standards and enable blockchain adoption. BiTA members are entities from the spheres of transportation, logistics, supply chain, freight, technology, and blockchain. Insolar is proud to be welcomed to an alliance that boasts some of the world’s most recognized organizations. Other members include shipping industry giants such as Daimler, FedEx, UPS and Panalpina, in addition to other leading global tech firms that provide systems and IT for supply chains, such as Microsoft, SAP and Google.

Some of the projects associated with BiTA include the supply-chain-as-a-service platform, bill of lading via blockchain, and blockchain-based biofuel supply chain tracking for the maritime industry, in addition to the creation of standards for shipment tracking using blockchain. Insolar will enter the Alliance to head a working group on data regulation in blockchain, while also forming strong partnerships with other members, whose combined revenue exceeds USD$1 trillion annually.

“We are proud to be welcomed into the Blockchain in Transport Alliance, which is populated by some of the biggest names in IT, supply chain, and logistics. At Insolar, we believe we can make a valuable contribution, not only in terms of the technology that we are developing, but with the vision that we have for the blockchain arena as a whole,” remarked Insolar CEO, Andrey Zhulin, about the company’s acceptance into the alliance.

The alliance brings together the most influential leaders in transportation, finance, and technology with the aim of building the first set of transportation industry-specific blockchain standards and promoting what it terms as the most transformative technology since the internet.

BiTA is creating standards with the intention of creating a common framework that can assist industry participants with their organization’s decision to develop and adopt blockchain-based technologies. Members of the alliance are creating a forum to develop a dialogue around blockchain in transportation.

“I would like to take this opportunity to welcome Insolar to the Blockchain in Transport Alliance. The deep blockchain expertise, in addition to specific supply chain use cases for distributed ledger tech that Insolar brings to the table, will advance BiTA’s mission of creating solid standards and furthering blockchain adoption throughout the transportation and logistics industries,” noted BiTA President, Chris Burruss.

Insolar is a global technology company building innovative public and private blockchain solutions on the Insolar blockchain platform — the most secure, flexible and scalable blockchain for business. A key area of implementation of Insolar’s technology is supply chain and logistics and the company is currently in talks with Fortune 500 companies in the transportation industry about developing blockchain-based applications for their operations.

About the Blockchain in Transport Alliance

Founded in August 2017, BiTA has quickly grown into the largest commercial blockchain alliance in the world, with nearly 500 members that collectively generate over $1 trillion in revenue annually. BiTA members are primarily from the freight, transportation, logistics and affiliated industries. Alliance members share a common mission to develop a standards framework, educate the market on blockchain applications and encourage the use of those applications. BiTA has offices in: Chattanooga, Tennessee (North American Region); Sydney, Australia (Asia-Pacific Region) and London (European Region). For more information, please visit www.bita.studio/.

About Insolar

Insolar is building an open source, enterprise-grade blockchain platform that uses distributed trust to enable seamless interactions between companies and unlock new growth opportunities. Insolar’s 4th generation architecture, which blends the best of cloud, blockchain, and distributed tech, creates cost efficiencies, opens new revenue streams, and powers transformative business models; it is secure, scalable, interoperable, affordable, and easily deployed. In addition to the platform, Insolar offers full-service blockchain consulting and product development to accelerate companies from proof-of-concept to production. Insolar is ranked #1 among blockchain projects worldwide in development activity, according to Cryptomiso. It is a global team of 60+ people in North America and Europe, including 45 full-time engineers, 10 leading blockchain academics from major institutions (York University, ETH Zurich, Princeton), and a founding team of serial tech entrepreneurs and enterprise veterans. To learn more, visit: https://www.insolar.io

Lesley Czuma

Head of PR/Communications and Partnerships

Insolar

(915) 011-6322

lesley.czuma@insolar.io