American multinational shipping and logistics giant FedEx has revealed plans to integrate blockchain technology into its daily operations. The delivery service is joining the Blockchain in Transport Alliance (BiTA) to develop industry standards for transportation companies.
The news was announced during an interview with shipping news organization Freightwaves. FedEx Freight vice president of strategic planning and analysis Dale Chrystie and FedEx Services senior vice president of IT Kevin Humphries said that the company has an extensive history of innovation in the logistics space.
FedEx is testing some blockchain platforms and is developing a set of industry standards for blockchain use as part of BiTA. The company joined the organization as a founding partner and is part of BiTA’s standards board.
“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”- said Christye
Dale Christye said that FedEx launched a pilot program using blockchain to store data. The project aims to ease the conflict between customers sending and receiving things through FedEx. They hope to establish a permanent ledger and what data would be needed for it. They want to use blockchain technology to secure data exchange between customers. Also they want to use blockchain technology to store their records.
Kevin Humphries said that blockchain platforms would allow customers to track their packages more efficiently. Not only while they are in FedEx’s possession but also before and after the corporation picks them up.
“One of our focuses has been to find innovative ways to provide the kind of visibility that our customers need to get all the information up and down the supply chain. Blockchain is opening the door by giving customers even more visibility to their packages before it gets in our hands and after it leaves our hands” – Kevin Humphries
Distributed ledger technology
Distributed ledger technology benefits from having common definitions and a set of standards built into the supply chain. FedEx are positive that this technology can revolutionize many industries. According to Chrystie, a good are for blockchain innovation is dispute resolution. FedEx have international customers and partners both attempting to communicate 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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