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FedEx CEO Says Blockchain Will Revolutionize Industry

17 May 2018

He concluded by saying "If you are not operating at the edge of new technologies, you will surely be disrupted".

It could take a long time before the world can fully exploit the full potential of blockchain technology across several industries and FedEx CEO and founder, Fred Smith, has nothing but hope and optimism in what changes the technology could spark in the coming years.

Talking today at the Consensus 2018 conference in NY, the logistics company chairman said that he views the technology as a way for the industry titan to maintain its edge in the new digital landscape.

"Blockchain has the potential to completely revolutionize what's across the border". "If you are not willing to embrace new technologies like internet of things and blockchain to face those new threats, you are, maybe subtly, at some point. going to extinction". Those tests aim to resolve issues of custodial control, particularly within global supply chains, and could drive down operational costs by removing friction in communications, she said. The company is already having a partnership with a company called Blockchain in Transport Alliance which is setting up industry standards using the technology in transportation. This could be a very big thing in terms of supply chains and the entire transportation sector. "So the idea that you can create a blockchain for goods moving within the context of transportation is really powerful". He wants to embrace blockchain technology to establish and maintain to be on the top in a rapidly changing digital world.

FedEx isn't the only player trying to put the shipping industry on the blockchain.

For this objective, in the winter, FedEx, within the Blockchain in Transportation Alliance (BiTA), began cooperating with other corporations in the study of innovative blockchain solutions that could be further implemented. "If FedEx succeeds in building out its blockchain infrastructure, shippers, and their customers will be "on the same page", so to speak, and will be able to collaborate on finding further efficiencies in the supply chain". If you're not already logged in, you will be asked to log in or register.

FedEx CEO Says Blockchain Will Revolutionize Industry