FedEx CEO says that blockchain is the next frontier for logistics. The blockchain is going to transform the logistics business. Nowadays most of the companies are acclimating to the blockchain technology. Like one we saw yesterday HSBC made its first trade transaction using blockchain.
If any company that doesn’t adopt new technology like blockchain then they will meet “probably, at some point, extinction,” said the CEO
According to Bloomberg, FedEx is currently testing the blockchain technology. They are tracking large and high-value cargos.
“We’re quite confident that it has big, big implications in supply chain, transportation and logistics,” Chief Executive Officer Fred Smith said at a conference in New York. “It’s the next frontier that’s going to completely change worldwide supply chains.”
The Blockchain in Transport Alliance is a firm behind FedEx. This Firm is helping FedEx to set industry standards by applying blockchain technology. FedEx wants to improve customer services and so wants to adapt to the blockchain.
Blockchain stores all the transaction and delivery in the permanent digital ledger. This helps FedEx to achieve transparency. It also cuts down the transaction costs and speeds up the process.
FedEx wants to track their cargo and shipments. Thus they have patented a Bluetooth based sensor called Tron. This is a low energy tracking sensor. This sensor has many patents on it by the FedEx Corporation.
What are the other companies moving towards blockchain? Let us know in the comment below.
Join the newsletter to receive the latest updates in your inbox.