The President of FedEx, «Use the blockchain or get ready for destruction»

The conference Consensus 2018, which takes place in new York, Fred Smith (Fred Smith), President of the American logistics giant FedEx announced its commitment to the idea of using the blockchain. He considers it the introduction of the main factor that will help the company to remain a market leader amid the rapidly developing digital technologies.

Smith said: «the Blockchain has the potential to completely revolutionize the industry,» he said.

He explained that one of the major challenges facing logistics and transportation industry, is «a huge amount of disagreement» to cross-border logistics, since different countries have different standards, regulations and terminology. He told the participants of the conference:

«For cross-border supply «trust» is a legal requirement for each transaction. The blockchain has the potential for the first time to make information accessible to all».

Thus, the head of FedEx’s highly praised characteristics of the «supply chain» that the blockchain can bring in the whole logistics industry. All this talk is not just for the shocking air — FedEx started the adoption of the blockchain in their daily operations, joining
to the Blockchain in Transport Alliance (BiTA) in February this year to explore the possibilities of the blockchain in the logistics industry.

At that time, the firm also launched a pilot program using the blockchain for data storage for the resolution of disputes. The logistics giant also wants to use the blockchain to store their records.

The meeting was also made by Robert Carter (Robert Carter), Director, information technology FedEx. He said the firm will first examine the introduction of technology in the industry of freight transport, since a single vehicle may require a synchronous commit of a million transactions. Carter said:

«We carry about 12 million shipments per day and in peak seasons – twice. Although we are confident that this technology will scale, now for us it makes sense to implement it in the field of freight transportation».

On the question of how he persuaded the Smith to introduce the work of such innovative technology Carter replied that it was the opposite: the President himself asked him to do it. He also added:

«The application of these supply chains is very important from the point of view of information technology. In this regard, we are working on the border between the physical and digital world.»

Smith also noted that for the company it is extremely important to keep up with the times: «If you are working on the cutting edge of new technologies, your company certainly will disappear quickly. If you don’t want to use new technologies such as Internet of things and the blockchain to counter new threats, you will most likely destroy your business in the near future.»

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