EVP of FEDEX: Companies should not ignore the blockchain

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“BLOCKCHAIN HAS POTENTIAL TO FULLY REVOLUTIONIZE TRANSBOUNDARY BUSINESS”.

Speaking at the Consensus 2018 conference in New York, Fred Smith, chairman, and CEO of US logistics giant FedEx has redoubled his commitment to using blockchain technology as a way for large and established companies to maintain their business in a rapidly changing digital world.

Smith explained that one of the main problems that the logistics and transport industry faces is “a huge amount of friction” in cross-border logistics, as different countries have different standards, regulations, and terminology.

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He told the audience:

“FOR TRANSBOUNDARY SUPPLIES” TRUST “IS A LEGAL REQUIREMENT FOR EACH TRANSACTION. With the use of BLOKCHAIN FOR THE FIRST TIME, THE POSSIBILITY TO MAKE THIS INFORMATION AVAILABLE FOR EVERYONE “.

Thus, the head of FedEx highly appreciated the potential of the detachment for the organization of supply chains, a sphere in which technology, he said, can be used everywhere.

All these conversations are not just air shocks – FedEx joined the alliance of BiTA transporters in February to explore potential applications that use blockchain together with other partners in the logistics industry.

At that time, the firm also launched a pilot program to determine what data is needed for the distributed registry to ease disputes between customers sending and receiving goods via FedEx.

The giant also wants to use the blockchain to store his own records.

Also speaking at a question-and-answer session, Robert Carter, chief information officer at FedEx and executive vice president of the information service, said the company will examine the deployment of technology in the freight industry first since millions of transactions can be simultaneously contained in a single transport.

Carter commented:

“We move easily 12 million shipments a day and that more than doubles during the peak seasons. While we absolutely believe this technology is going to scale, right now it makes sense for us to do this in our freight world.”

Answering a question from the organizer of the session, author Don Tapscott, about how he persuaded Smith to approve the decision to test the blockade, Carter said that in fact everything was the other way around.

“THat’s FRED who dragged me into this. APPLICATION OF THESE STORING CHAINS IS VERY IMPORTANT FOR THE INFORMATION ASPECT. WE WORK IN THIS path BETWEEN THE PHYSICAL AND DIGITAL WORLDS “- SAID CARTER.

Speaking about the importance of the company’s transition to the use of technology, Smith concluded:

“IF YOU DO NOT WORK ON THE SCRIP OF NEW TECHNOLOGIES, YOU ARE STRICKING FAILURE. IF YOU DO NOT WANT TO USE NEW TECHNOLOGIES, SUCH AS THE INTERNET OF THINGS AND BLOCkCHAiN, TO CONFRONT THE NEW THREATS, YOUR THIN GAME AT ANY TIME WILL JUST DISAPPEAR. “