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The shipping agency that struck the first freight deal settled in Bitcoin is now seeking $150 million to launch its own cryptocurrency.

Still puzzled by what blockchain is? Unsure of the value of predictive analytics, or not taking full advantage of remote diagnostics? Our Feb. 21 LiveOnWeb program, "Mega Trends in Trucking Technology," is for you. Watch the replay.

Blockchain is one of those concepts people often say they need to get their heads around. So what, exactly, is it?

Freight contracts, document transfers, food safety, driver security, parts management and asset tracking are among the many elements of the trucking business that could become easier and more secure through new applications built around the shared digital ledger called blockchain.

BNSF Railway, which is owned by Warren Buffett’s Berkshire Hathaway Inc., said Feb. 5 that it has joined the Blockchain in Transport Alliance, a group of more than 200 freight and logistics companies that are exploring how to use the digital-ledger technology in their industry.

The first freight deal settled in Bitcoin was executed last month on a vessel carrying wheat from top shipper Russia to Turkey, according to Prime Shipping Foundation, the venture behind the transaction.

IBM and A.P. Moeller-Maersk A/S have started a company that will use new technologies such as blockchain, a digital ledger best known for underpinning bitcoin, to track cargo movements and automate paperwork for shipping across international borders.