“There is a realm of possibility for blockchain to completely transform everything across the universe”
The chairman and CEO of the U.S logistic giant FedEx, Fred Smith was very tenacious about his promise to go into blockchain technology when he spoke in New York today at the 2018 CoinDesk’s Consensus. He said it is a way to keep their decennium company relevant in an advanced technology world.
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Fred further explained that “great amount of trouble in different countries system” is the number one and the main problem they face in the logistics and transportation industry. On the account that different countries across the world have different principles, government, and language.
He told the audience:
“Trust is a legalized necessity for them to ship across different countries. He further said blockchain has the capacity to provide information for everyone in future”. Even though the chairman kept on flattering and exalting the great changes blockchain can bring to the Logistics Industry, everything wasn’t just an empty talk. Seeing that FedEx in partnership with some other logistics companies has just joined the Blockchain Transportation Alliance (BiTA) in an attempt to search for profitable blockchain applications. The great logistics company plans to completely make use of blockchain for storing the company’s record. They also found a solution to settle the controversies between customers sending and receiving goods through their company (FedEx), by introducing a pilot program that will help them organize the data that will be needed for a distributed ledger technology (DLT).
The executive vice president of information and the CIO for FedEx, Robert Carter also spoke at the panel session. He said considering the fact that a single ship can contain more than a million transactions at once, then the company will first look into the arrangement of the goods being shipped.
Carter Explained That:
“We definitely believe that this blockchain technology will work and progress the firm. On a normal day we ship over 12 millions of transactions, but during festive seasons the quantity increases to more than double of the initial amount. So it only makes sense for us to try the technology in our shipping world now”
Author Don Tapscott the panel’s host, asked a question about how Carter was able to convince Smith to go into blockchain. Carter answered that it was actually the other way round, that it was Smith that convinced him to go into blockchain. Carter added that: the use of the custody chains are very important for the information part of the firm, as the firm is trying to operate between the physical world and the technology/digital world.
So finally, Smith finalized the panel session by talking about how important it is to move with the advancements in technology to remain significant as a logistics company. He said:
“you will be displaced if you are not making use of the advantages of the latest technologies. Also if you are probably on your way to downfall or elimination, if you are not ready to employ the use of new technologies like blockchain and Internet of things to face the challenges you will encounter in this digital world”.