February 2, 20183min1080

FedEx joins Cryptocurrency world

FedEx, a global leader in logistics and as a company, has joined BiTA.

Blockchain for logistics is the talk of the town, with multinational corporations pushing for pilot programs and undertaking initiatives to gain leverage in the market space. FedEx, being a global leader in logistics and as a company known for its eagerness to innovate and stay ahead of the curve, has joined Blockchain in Transport Alliance (BiTA).

FedEx has its reasons to keep a tab on technologies that can usher greater transparency and data security to logistics processes. The company comes into the blockchain sphere in the wake of a high-profile cyber attack on its TNT express branch in Europe last year. Reports indicate that the integration of TNT into FedEx operations would cost the company a whopping $1.4 billion over the next four years – a number that was revised from an initial forecast of

By many counts, Blockchain revolution cuts parallels to the time when people woke up to the idea of the internet. Companies have realized the amount of data that supply chains create every day and the potential of the existing data pile they are sitting on. In that regard, safety and transparency of data are of utmost importance, leading to the significance of blockchain.

Humphries adds:

“We have millions of records a day in our system, and we think of blockchain as a secure chain of custody that could transform the logistics industry. We believe it holds a lot of promise in that space and would streamline all that data exchange in a very secure way. The nature of the distributed ledger and having common definitions & standards is something that is applicable from origin to destination in the supply chain. So we are pretty hopeful that blockchain will have many use cases”.

FedEx is also looking to work on some blockchain pilot programs, with some of them already underway.

“Our early work is in dispute resolution, where we have customers both upstream and downstream from us, trying to speak back in a common language. We are trying to determine if that data is common and in some cases, we as carriers, don’t necessarily have all the data that we would like to have.

And if we could agree on these elements and standards, we think we can drive a lot of efficiency in the process, and that’s just one example.”

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