Fred Smith, president, and CEO of the US-based logistics company, FedEx spoke today at CoinDesk Consensus 2018 in New York. He expressed his commitment to blockchain technology for the decade-long company that keeps the game in a rapidly changing digital environment once again activated in the world.
He told the audience, “For cross-border transmissions, “trust” is the lawful necessity for every transaction, and what Blockchain encompass is the first time it composes the information that can be available to everyone.”
The head of FedEx praised the “Chain of Custody”, which can bring the chain of blocks of the entire logistics industry.
FedEx joined Blockchain in Transportation Alliance (BiTA) in February of this year to explore potential blockchain applications with other partners in the logistics industry.
At that time, the company also launched a pilot program to determine what data is needed for a distributed GL to facilitate disputes between customers who send and receive goods through FedEx. The logistics giant also intends to utilize Blockchain to accumulate its records.
Robert Carter, FedEx CIO and executive vice president of information services, said at the podium event that the company will first examine this use in the cargo industry, since a solitary ship may perhaps contain millions of transactions at the same time.
Asked by author Don Tapscott, panel host, he replied that he convinced Smith to support the resolution to investigate the blockchain.
“Using these chains is so important to the aspect of information that we operate at this level between the physical world and the digital world. If it does not operate at the forefront of new technologies, it will bother you, if it is not ready to use new technologies such as the Internet of Things and Blockchain to face these new threats, it can be subtle at some point and threatened with extinction,” Smith said.