CALGARY, July 31, 2019 /CNW/ - Canadian Pacific (TSX: CP)
(NYSE: CP) has joined the Blockchain in Transport Alliance (BiTA).
In joining the alliance, CP is supporting BiTA's mission of
producing blockchain standards that allow for interoperability
between participants in the global supply chain.
Blockchain is an open, extensible platform capable of sharing
shipping events, messages and documents across all the actors and
systems in the supply chain ecosystem. It uses cryptography to
ensure that network participants see only the parts of the ledger
that are relevant to them, and that transactions are secure,
authenticated and verifiable.
"We are excited to be on this journey," said CP Vice President
Information Services and Chief Information Officer Mike Redeker. " As part of BiTA, we look forward
to creating opportunities and innovative solutions that benefit our
customers and the broader supply chain. Joining the alliance is
part of CP's continued focus on developing and supporting
technology throughout the supply chain."
With nearly 500 members from freight, transportation, logistics
and affiliated industries, BiTA is focused on education, advocacy,
networking and commercial outcomes around blockchain and other
emerging technologies. It is committed to overcoming geographic,
language and cultural hurdles to enable seamless commerce.
"The alliance is pleased to have CP's expertise and support as
our organization navigates this exciting new digital frontier,"
said BiTA President Patrick Duffy.
"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."
About Canadian Pacific
Canadian Pacific is a
transcontinental railway in Canada
and the United States with direct
links to major ports on the west and east coasts. CP provides North
American customers a competitive rail service with access to key
markets in every corner of the globe. CP is growing with its
customers, offering a suite of freight transportation services,
logistics solutions and supply chain expertise. Visit cpr.ca to see
the rail advantages of CP. CP-IR
About BiTA
BiTA is a member-driven organization;
members are primarily from the freight, transportation, logistics
and affiliated industries. Alliance members share a common mission
of driving the adoption of emerging technology forward. BiTA
accomplishes this by developing industry standards; educating
members and others on blockchain applications/solutions and
distributed ledger technology (DLT); and encouraging the use and
adoption of new solutions.
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SOURCE Canadian Pacific