FedEx Started Testing Its Blockchain Tech Aimed At Cargo Shipments

As you probably know, FedEx is one of the companies that are active when it comes to the blockchain. The company moved forward with blockchain plans a couple of months ago – but is now officially putting the technology to a test.

The logistics giant is testing all the ways to use blockchain in order to track the high-cost, mission-critical cargo. In times when more and more companies are adopting blockchain, FedEx is apparently joining the list.

In an interview on Bloomberg, the FedEx CEO Fred Smith stated:

“We’re quite confident that it has big, big implications in supply chain, transportation and logistics. It’s the next frontier that’s going to completely change worldwide supply chains.”

Currently, the main draw is the concept of the permanent and immutable ledger. When the shipments stretch across the world in this infrastructure, this ledger can be the one providing transparency with a single record that all the parties will agree on.

There are many unique cases for such blockchain ledgers. However, the main reason why FedEx decided to adopt this technology is the customer service, which they want to improve and make one step ahead of the competition, according to the CEO Fred Smith.

FedEx has teamed up with the Blockchain in Transport Alliance, stating its mission:

BiTA was formed by experienced tech and transportation executives to create a forum for the development of blockchain standards and education for the freight industry. Our goal is to bring together leading companies in the freight technology industries that have a vested interest in the development of blockchain technology.
Thousands of companies have applied for membership.

The testing will also include ironing out the standards in the industry and disrupting the potential opportunities of cargo shipments worldwide. According to some reports, it is estimated that blockchain applications will represent 10% of the global GDP in the future – which is why FedEx is tapping into it early.

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