Data Gumbo joined BiTA, an organization dedicated to determining best practices and standards for blockchain in the transportation industry. BiTA members include Descartes, Daimler, FedEx, SAP and Uber Freight, among dozens of other global brands. Data Gumbo offers GumboNet™, it is an interconnected blockchain network that frees up working capital, reduces contract leakage, improves cash and financial management, and delivers material provenance for global freight and transportation.
“The main challenges in the logistics industry involve care, custody and control,” said Andrew Bruce, CEO and founder of Data Gumbo. “The lack of a networked interoperable solution to connect disjointed, manual and paper-based processes only further complicates data coordination and transactions. Our network solves these pain points by providing a secure, immutable system of record that can be shared to deliver contractual flexibility and frictionless payments.”
GumboNet is a trusted transactional network that can be used to automate contract execution between multiple counterparties using field data to verify contract terms have been met. As a neutral, third-party and unchangeable data log, the network is transforming how players in transportation perform business. For example, for freight forwarding companies such as those that offer international commodities shipping, GumboNet enables them and their clients real-time transparency into global shipment tracking (some of the most expensive and treacherous shipping in the world), in turn, providing counterparties the benefits of reduced disputes, increased accuracy, and automated contract executions for faster invoicing and payments.
“Blockchain technology is drastically altering the supply chain, making it a value chain with greater transparency, innovation and efficiency,” said Patrick Duffey, president of BiTA. “We are thrilled to have member companies like Data Gumbo in our alliance to aid us in pioneering the development, adoption and eventual standardization of key technologies like blockchain.”