Morgan Stanley is out with an intriguing note on potential winners and losers from the growth of blockchain transactions.

The investment firm sees blockchain execution in the logistics industry as removing some of the middle men processors. That development could be negative for C.H. Robinson Worldwide (CHRW +0.4%) and Echo Global Logistics (ECHO +1.2%). Fleet card operators such as FleetCor Tech (FLT-0.1%) and WEX (WEX +0.4%) could also be impacted.

The growth of blockchain in the freight industry could help “asset-based” truck carriers such as Schneider National (SNDR -0.1%), Werner Enterprises (WERN -0.4%), Old Dominion Freight Line (ODFL -0.1%) and XPO Logistics (XPO +0.4%), reasons MS.

Remember, blockchain is a public ledger that records bitcoin transactions. … Whereas a conventional ledger records the transfers of actual bills or promissory notes that exist apart from it, the blockchain is the only place that bitcoins can be said to exist in the form of unspent outputs of transactions.

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