FedEx - FedEx Founder Convinced that Blockchain Will revolutionize the Industry

FedEx Founder Convinced that Blockchain Will revolutionize the Industry

It is clear that blockchain is a game changer and it is helping enterprises all over the world to leverage their products and services. And FedEx founder and CEO, Fred Smith, claimed that distributed ledger technology (DLT) has the potential to revolutionize the industry.

FedEx Believes in Blockchain Technology

The Consensus Conference in New York has attracted several figures from different fields, including the financial world, politics, blockchain and cryptocurrencies. And Mr. Smith was present at the event in which he said that DLT has the potential to help FedEx maintain its edge in this new competitive world. FedEx 1 300x166 - FedEx Founder Convinced that Blockchain Will revolutionize the Industry

During the meeting, Mr. Smith commented:

“For cross-border shipments, ‘trust’ is legal requirement for every transaction. What blockchain has is a potential for the first time ever to make the information available for everybody.”

The shipping industry is one of the most benefited with the implementation of blockchain technology. It is possible to reduce bureaucracy, papers, and other procedures, leading to increased efficiency, and lower operational costs.

FedEx’s CIO, Robert Carter, was also present at the event and said:

“We move easily 12 million shipments a day and that more than doubles during the peak seasons. While we absolutely believe this technology is going to scale, right now it makes sense for us to do this in our freight world.”

Other important companies in the same industry working with blockchain technology are IBM, Maersk, JM Baxi, APL, Accenture and many others.

A consortium comprising Ab InBev, Accenture, APL, Kuehne + Nagel and other organizations, are working together to reduce bureaucratic procedures. The consortium has been testing blockchain solutions that aim to eliminate printed shipping documents and similar papers. For the logistics industry.

Eddie NG, Head of Strategic Liner Management at APL, explained:

“As a facilitator of global trade and strong advocate of innovation, APL sees much potential in blockchain technology to accelerate the digital transformation of the container shipping industry, moving us from traditional paper-based transactions to more efficient, more secure and faster processes along the entire supply chain.”