BNSF Railway Co., a unit of Warren Buffett’s conglomerate Berkshire Hathaway Inc., said it has become the first major US railroad to join the Blockchain in Transport Alliance.
The alliance is a group of more than 200 companies examining how best to use the digital ledger technology behind bitcoin and other cryptocurrencies in the transport industry, Reuters reports.
It hopes to establish blockchain standards in such areas as vehicle maintenance, quality control and fraud prevention. the news agency said.
Among its members are shippers FedEx Corp. and United Parcel Service Inc., tire maker Bridgestone Corp., German software company SAP SE and some banks and brokers, according to the alliance’s website.
BNSF said it will work with other alliance members to decide how data should be used in the freight transportation blockchain.
“It is important that the industry comes together to align around a set of standards,” Muru Murugappan, BNSF’s vice president of technology services, said in a statement.
BNSF operates in 28 US states and Canada, and is among the largest of Berkshire’s more than 90 business units. It generated US$2.84 billion of profit in the first nine months of 2017.
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