HCL’s participation in blockchain consortium for transportation augurs well for HCL and industry as a whole
HCL Technologies has joined Blockchain in Transportation Alliance (BiTA), a consortium that works on blockchain-based solutions for the transportation industry, to develop blockchain-based solutions for the industry. BiTA’s members include Descartes, Daimler, FedEx, SAP and Uber Freight. HCL would bring its expertise in digital technologies to the alliance and help develop Blockchain-based solutions for the industry.
Why is this important
Use of block chain technology has numerous advantages:
- Blockchain allows tracking of goods and freight across the supply chain effectively.
- It will also allow transportation and logistics companies to operate in a more seamless and transparent manner.
- It will help to create new revenue streams and value for customers by enabling a system of completing transactions, tracking shipments, and managing fleets.
How will the stock be impacted
HCL’s partnership with BiTA and working alongside other global industry leaders in transportation, logistics, and supply chain, will allow them to engage in the development of standards for how blockchain technology will be used in such transportation activities as track and trace, provenance, smart contract management, compliance management, and fraud detection.
HCL Technologies (CMP Rs. 899, M Cap Rs. 125,000 cr, FY2019 PE: 13.4x)