Monday, 21 January, 2019

FedEx Smith sees blockchain as 'next frontier' for logistics

FedEx Smith sees blockchain as 'next frontier' for logistics FedEx Smith sees blockchain as 'next frontier' for logistics
Jean Garcia | 17 May, 2018, 16:50

The news portal forklog.com reports concerning CoinDesk that at the Symposium Consensus 2018, which is now being held in NY, the head of the largest U.S. logistics company FedEx, Fred Smith, spoke about the enormous importance of using blockchain technologies in the economy, in particular, in the field of logistics. He stated this while speaking at Coindesk's Consensus 2018 in NY.

Blockchain technology enables the secure sharing of data between business partners, using a "distributed ledger" of information that can be accessed by all members of a particular blockchain, but cannot be changed by any individual without approval from the group.

He went on to explain that logistics and transportation industry is facing one prominent issue, "massive amount of friction" in cross-border logistics.

"For cross-border shipments, "trust" is the legal requirement for every transaction".

"Blockchain has the potential to completely revolutionise what's across the border, " he said. And FedEx has become part of the Blockchain in Transport Alliance (BiTA), which has set itself the target of developing transport industry blockchain standards.

IPL 2018: Mumbai Indians win a thriller with Bumrah's heroics
What Mumbai Indians needs to do: On May 20, it plays Delhi Daredevils , a team which is out of the race for the playoffs. Ashwin bowled two overs for 13 runs and took two wickets in the death, but then inexplicably did not complete his quota.

Also speaking at the panel session, Robert Carter, FedEx's CIO and executive vice president of information services, said the firm will first explore that deployment in the freight industry, since one single ship could contain millions of transactions at the same time.

"We move easily 12 million shipments a day and that more than doubles during the peak seasons". Blockchain technology may make misdeliveries a thing of the past, according to FedEx's CEO, as the world's third-largest shipping company races to implement blockchain solutions to the freight industry's problems. Carter answered a question from the panel's host, author Don Tapscott.

"It's Fred that dragged me into this, he said".

On the importance of blockchain and other technical innovations, Smith ended his appearance at Consensus with a warning to other companies: "if you are not willing to embrace new technologies like internet of things and blockchain to face those new threats, you are ... going to extinction". "So we introduced the ability to track-and-trace, initially because we needed it for our own internal operations, but eventually we realized that the information was extremely valuable to our customers", he stated.

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