Blockchain has the potential to completely revolutionize what is across the boundary.” . Speaking at CoinDesk’s Consensus 2018 in NY today, Fred Smith, president and Chief executive officer of the U.S. Logistic giant FedEx, doubled down on his devotion to embracing blockchain technology as a way for the decades old organization to keep its game in a rapidly changing digital world. Smith clarified that one major problem that the logistic and transportation market has faced is the massive amount of friction in cross boundary logistics, since different nations have diverse standards, regulations and terminologies. He told the audience. For cross border shipments, trust is lawful necessity for each and every transaction.
What blockchain has is a potential for the very first time to do the info available for everybody.” . As such, the FedEx leader praised the chain of detention that blockchain could bring to the entire logistics industry. All this talk is not just hot air, either – FedEx combined Blockchain in Transport Alliance in Feb This year, in an attempt to explore potential blockchain applications alongside other partners inside the logistic industry. At that time, the company also launched an aviator program to establish what information will be necessary for a distributed book to mitigate disputes between clients sending and receiving merchandise through FedEx.
The shipping giant also needs to utilize blockchain to store its documents. In addition speaking at the panel session, Robert Carter, FedEx’s CIO and executive VP of info services, said the company will initially explore that deployment in the freight business, since one single ship may contain millions of transactions in the exact same time. Carter commented. We move easily 12 million shipments a day and that more than double throughout the peak seasons. Although we absolutely believe this technology is going to scale, right now it is sensible for us to do that in our freight world. Answering a question from the panel’s host, writer Don Tapscott, on how he persuaded Smith to approve the decision on blockchain exploration, Carter explained, in actuality, it was the other way round.
It is Fred that dragged me into this, Carter explained, adding: The application of those custody chains. Is so crucial to the information aspect. We are operating on this plane between the physical universe and the electronic world.” . Speaking on the importance of moving with the times as a business, Smith concluded: In case you’re not operating at the edge of new technology, then you’ll certainly be disrupted. If you’re not willing to adopt new technology like net of things along with blockchain to face those new threats, you’re, maybe subtly, at some stage. Going to extinction.” . Panel image via CoinDesk. The leader in blockchain news, CoinDesk is a media outlet that tries for the highest journalistic standards and adheres to a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.