Blockchain Is the Next Frontier for Global Chains of Supply – CEO of FedEx

The CEO of FedEx – a multinational delivery service – said that it is quite confident that blockchain has a lot to offer and it has a huge implication for chains of supply. He said this on the 14th of May, as its engagement with blockchain technology continues.

FedEx CEO is Confident in Blockchain technology

Speaking at the Consensus blockchain conference holding in New York, the CEO of FedEx – Fred Smith, said that it is time for businesses (both small and big) to ingratiate themselves with this technology or face probable extinction. This technology has transformed so many businesses, and more of its uses are yet to be discovered.

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Mr. Smith said that they are quite confident that blockchain has very big and significant implications in chains of supply, logistic, and transportation. Smith said during a panel that is quoted by Bloomberg, as well as other sources, that: “blockchain is the next frontier that is going to completely change supply chains across the globe.

FedEx is Venturing into the Technology

The company has had some positive and delightful experiences looking into the potential offerings of blockchain to enhance its model of businesses. In February this year, FedEx became a member of the Blockchain in Transport Alliance (BiTA) – a focus group with members including GE Transportation, JD Logistics, and BNSF.

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What the Company Wants to Achieve

The goal of the company is to create common logistics standards that are based on blockchain technology. Before that, in October 2017, the company joined the Blockchain Research Institute based in Canada. The initiative of Don Tapscott was dedicated to carrying out the definitive study of blockchain technology’s impact on societies, governments, and businesses.

Also, some governments across the globe, including the Australian government are presently looking at how to implement blockchain technology to their supply chains.

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